Bank of Queensland Ltd
(ASX:BOQ) says its earnings dropped 45 per cent in the first half of fiscal 2011 and its CEO David Liddy will retire at the end of the year.
In the six months to 28 February 2011, the bank’s statutory net profit fell to $50.4 million from $90.9 million the year before.
The result came amid some of the worst weather conditions in Queensland’s history, the state in which the bank is mainly based.
The regional lender says it was also hit with a significant rise in bad debts, jumping to $134.4 million.
CEO Mr Liddy says he is disappointed by the bank’s bad debt experience and has dedicated significant resources in managing this area.
Mr Liddy has also today announced that he won’t seek to extend his contract when it expires at the end of this year, ending a decade in the top job.
Bank of Queensland has already started the search for his successor.
For the year ended 31 August 2010, Bank of Queensland reported a net profit of $180 million.
