It has been one of the shares to sell in recent times due to the macroeconomic headwinds plaguing the financial sector.
Today BOQ reported an FY11 net profit of $158.7 million, down 13% on-year. The result was impacted by higher bad debts and subdued credit growth.
Underlying profit rose 18% on-year to $447.4 million, helped by a disciplined expense control. BOQ’s cost-to-income ratio fell 1% to 44.5%.
The group was hit by funding cost pressures in the 2H, but still grew its full year net interest margin by 5 basis points to 1.65%.
BOQ noted FY12 would be turnaround year for the group and that it was confident in the underlyin earnings momentum.
A final dividend of 28 cents was declared.