Bank of Queensland has suffered a 2 percent fall in profits for the 2008 fiscal year however the bank remains in a strong position.
BOQ’s normalised cash net profit after tax rose 46 per cent year on year to reach $155.4 million it revealed yesterday.
Managing director David Liddy said improved efficiencies had helped offset the increase in funding costs, without compromising the long-term potential of the bank.
Mr Liddy also pointed to the bank’s diverse funding philosophy which has seen it avoid any fall-out from rising funding costs.
“We continue to focus on accelerating the growth in our retail deposits and diversifying our wholesale borrowings across the inter-bank market, securitisation, short and long term senior debt and domestic and offshore markets,” he said.
“The underlying fundamentals of our strategy remain strong and give us cautious confidence in what is proving to be a challenging time ahead.”