Bank of Queensland’s Limited
(ASX:BOQ) has swung to a net profit of $185.8 million, a massive turnaround on the $17 million loss it booked in the last financial year.
Cash profit was about $248 million, compared to the $21 million recorded in the previous year.
The previous full-year result was weighed considerably by high loan impairment charges.
The bank said a key driver of the improved profit result was a reduction in bad debts, due to its improved credit management practices.
In the same period revenue was $856 million, a six per cent jump on fiscal 2012.
