Bank of Queensland announces Integrated Risk Program and goodwill adjustment

Bank of Queensland (ASX: BOQ) has announced a cost of AU$60 million for an Integrated Risk Program in its 1HFY23 results as part of a strategy to prioritize strengthening and simplifying BOQ while delivering a digital data-led bank. The program is aimed at strengthening the bank's commitment to risk management and is expected to follow a review that identified the need for an uplift in operational resilience, risk culture, and anti-money laundering and counter-terrorism financing programs and compliance.

BOQ has also determined that it is appropriate to write down AU$200 million of goodwill, with both adjustments being non-cash items and appearing within the statutory net profit after tax in the 1H23 results. BOQ has made good progress in strengthening its financial resilience, with a strong capital and liquidity buffer, including CET1 and Liquidity Coverage uplifts.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com