Morningstar | BOQ's increasingly diversified product and distribution capabilities are core strengths, but large peers dominate.
As one of Australia's three remaining regional banks, Bank of Queensland's strengths are brand, customer loyalty, and its unique owner-managed branch model. It has a strong presence in Queensland and pursues interstate expansion through business specialists and mortgage brokers. The balance sheet is skewed towards residential mortgages, backed by solid retail deposit funding. Bad debts are expected to increase after an extended period of improvement, but net interest margins will likely face some short-term pressure. Improved risk management and more diversification should reduce the chances of a repeat of 2012's spike in bad debts. We expect the bank to continue delivering solid operating results, but over the long term, we do not expect consistent returns in excess of our estimated cost of equity.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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