Bank of Queensland Limited (ASX:BOQ) has warned of a first half loss and announced an equity raising.
The Brisbane-based regional lender says it now expects to swing to a first half loss of $91 million, dragged down by an increase in impairments on loans.
The guidance compares with a profit of $48 million achieved the same time a year before.
Bank of Queensland has also today placed its shares in a trading halt as it prepares to raise $450 million through an institutional and retail entitlement offer.
The bank says it is raising the funds to strengthen its capital position and provide capacity for continued growth.
The company’s final first half results are due on April 18, 2012.
In the 2011 financial year Bank of Queensland reported a net profit of $159 million.
