BOQ revealed its fiscal year 2023 annual report

Bank of Queensland Limited (ASX: BOQ) announced its fiscal year ending on 31 August 2023 (FY23) results, revealing a statutory net profit after tax of AU$124 million. These figures encompass significant one-off items, including an AU$200 million goodwill impairment, AU$57 million in ME integration costs, AU$42 million provision for Remedial Action Plans, and AU$35 million in restructuring expenses.

Despite challenges, such as an 8% rise in expenses and a return to normal levels of loan impairment expense, total income grew by 5% from the previous year. BOQ responded to market pressures by moderating mortgage lending growth, focusing on small and medium-sized business lending. Positive strides were seen in retail deposits, increasing by AU$3.1 billion, highlighting successes in digital deposit strategies. Prudent provisioning maintained the security of the portfolio amidst economic uncertainty. The robust capital position allowed the Board to declare a final fully franked dividend of 21 cents per share.

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