Bank of Queensland has reported an 8 per cent increase in net profit to $174 million, driven by higher lending in both property and business markets.
Cash earnings — the bank’s preferred measure which strips out one-off items — was up 4 per cent to $182 million, but below market expectations.
Mortgage lending rose 3 per cent, or $382 million, compared to a year ago and growth was slightly higher than the average increase across the banking sector.
Business lending was up by 6 per cent, also well ahead of the industry average growth rate.
The interim dividend was maintained at 38 cents per share.
More to come.