Bank of Queensland Limited
(ASX:BOQ) has revealed a 13 per cent fall in its 2011 net profit in the same period bad debt nearly doubled.
The Brisbane-based regional lender’s net profit fell from $182 million to $158.7 million, weighed down by a 92 per cent increase in bad debt.
The bank attributed the rise in bad debts to one-off commercial deals, the current economic conditions and extreme weather events earlier this year.
The major measure of earnings, normalised cash profit excluding one-off items, fell 10 per cent to $176.6 million.
A fully franked final dividend of 28 cents per share has been declared, an increase of 2 cents, bringing the payout for the year to 54 cents per share.
