Bank of Queensland Limited (ASX:BOQ) has hiked its standard variable home loan rate independent of the Reserve Bank of Australia's decision to keep rates on hold yesterday.
The Brisbane-based regional lender has announced an increase of 0.1 per cent, or 10 basis points, bringing its standard variable home loan rate to 7.46 per cent per annum.
The RBA yesterday kept rates steady at 4.25 per cent for the second straight month.
Bank of Queensland says it held rates for as long as it could but the increase was necessary to remain competitive and provide strong rate returns on term deposits.
In the 2011 financial year Bank of Queensland reported a net profit of $159 million.
