Bank of Queensland Limited
(ASX:BOQ) chairman Roger Davis has warned the lender faces macroeconomic challenges in the year ahead.
Speaking at the bank’s annual general meeting, Mr Davis said the hurdles include slowing economic growth and frustratingly high foreign exchange levels.
Mr Davis also warned of continued margin pressure and weakness in non-mining sectors.
But he said there is also room for optimism based on record low interest rates, increasing business and retail confidence, surprisingly strong employment, a solid lift in the stock market and improvements in the housing market.
Mr Davis says a broad-based recovery is still 12 months away.
BOQ delivered a net profit of $185.8 million in fiscal 2013.
