BoQ Posts Full-Year Loss

Bank of Queensland announced that it registered a full-year loss, the first time an Australian bank encountered this in the last 20 years.

BOQ said its full-year loss amounted to about $17.1 million. The bank said that it expected the result as it struggled with the southeast Queensland property sector.

Stuart Grimshaw expressed confidence that the next 12 months would be a better time for Bank of Queensland. He added that second half of the fiscal year was also profitable.

Grimshaw is the chief executive of BOQ.

Grimshaw said the company has addressed things to ensure that the bank is operationally fit. BOQ is also focusing on providing and delivering better services for its customers and to ensure profitability for the shareholders.

Other items that the bank addressed include its asset quality and risk management.

Grimshaw said the bank saw a decline in mortgage arrears recently. He added that the bank remains committed to provide top-up for its collective provisions.

Data also showed that consumers are showing signs of returning to the housing sector.