Niche business segments are performing well for Bank of Queensland, which yesterday announced its results for the half year to February 2017.
BOQ yesterday announced interim cash earnings after tax of $175 million for the six months to 28 February 2017, down 2 per cent on the same period last year. Statutory net profit after tax was down 6 per cent to $161 million.
The bank’s target niche commercial segments such as retirement living, hospitality, franchising and agribusiness experienced growth of $200 million.
BOQ Specialist business delivered 8 per cent of annualised commercial loan growth.
“BOQ’s strategy of focusing on niche segments that value a more intimate customer relationship continued to deliver,” the bank said.
Managing director and CEO Jon Sutton added: “Our niche business banking segments have experienced annualised growth of 15 per cent across our target sectors.
“We are adding further resources to build our capability in our niche segments. We have also been successful in attracting new clients and our business is more geographically diverse.”
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