Bank of Queensland’s FY17 Profit Flat, but Earnings Momentum Builds. FVE Increased to AUD 12.50
We like no-moat Bank of Queensland’s increasingly diversified business and distribution mix complementing the bank’s core strengths in consumer and SME banking. There was plenty to like in fiscal 2017 with net interest margins, or NIMs, and loan growth recovering, bad debt expenses declining, and operating expense growth in line with guidance of 1%. Fiscal 2017 underlying cash profit of AUD 362 million was marginally higher than a year ago and in line with our AUD 361 million forecast, excluding...Bank of Queensland is involved in providing retail banking, leasing finance, and insurance products, to its customers. Co. operates in two segments, Banking and Insurance. The Banking segment is engaged in retail banking, commercial, personal, small business loans, equipment, debtor finance, treasury, savings and transaction accounts. The Insurance segment is engaged in customer credit insurance, life insurance, accidental death insurance, funeral insurance and motor vehicle gap insurance. As of Aug 31 2016, Co. had total assets of $50.85 billion and total deposits of $36.72 billion.
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