Bank of Queensland reports 15% increase in FY2022 NPAT; Shares up on ASX

Bank of Queensland (ASX: BOQ) has released its FY2022 results and announced its statutory NPAT of AU$426 million, up 15% compared to the previous corresponding period. The Company’s result reflects good business momentum, firmly managed costs and improved portfolio quality.

FY2022 result overview:

• Cash earnings during the period was AU$508 million, down 5% from FY2021.
• Underlying profit increased 1% given the strong growth and cost management.
• Total income increased 1% to AU$1.7 billion from FY2021.
• Net Interest Income decreased marginally to AU$1.5 billion, down 1% from FY2021, driven by the NIM decline along with the impact of the ME Bank drop in average interest earning asset balances before ownership.
• BOQ has determined to pay a final fully franked dividend of 24 cents per share on 17 November 2022, representing a 64.7% cash payout ratio for the half.

AT AEDT 11:58 AM, BOQ shares are trading at AU$7.390, up 8.199% from the previous close. 

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