Bank of Queensland Ltd
(ASX:BOQ) has improved its full year result by 27 per cent to post a net profit of $179.6 million and says it expects higher growth in the future.
The bank increased its normalised profit after tax, from $177.6 million in fiscal 2009 to $190.7 million for the year ended 31 August 2010. Net interest margin was 1.6 per cent, rising from 1.56 per cent the year before.
Managing director David Liddy said the bank achieved a record profit amid a challenging economic environment, attributing the result to a strong balance sheet and focused expense discipline and system-beating growth in lending and deposits.
A fully franked final dividend of 26 cents per share has been declared, in line with last year’s dividend.
In the half year to 28 February 2010 Bank of Queensland recorded a profit of $90.9 million.
