Capital Remains Strong, but Bank of Queensland’s Credit Growth Continues to Lag System
Bank of Queensland’s Basel III Pillar 3 Disclosure reiterates the message of slowing credit growth for the no-moat-rated regional bank. Nevertheless, strong capital levels, a healthy funding profile supported by a large deposit base and an attractive grossed up franked dividend yield of 9.1% on Morningstar’s fiscal year 2018 estimated numbers support our positive view. Of concern, credit growth remains low and materially below system growth, with no respite on the horizon. Nevertheless, we conti...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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