Bank of Queensland (ASX:BOQ) restores regular dividend payment

Company News

by Michael Luu

Bank of Queensland (ASX:BOQ) has announced the company will restore its usual dividend payment on May 26 this year.

Shareholders will receive an interim dividend of 17 cents per share.

The decision came in the wake of an increase in first-half profits by 9 per cent. The company raked in $165 million in profits through strong performance levels in retail banking operations.

The Brisbane-based banker has pinpointed strong loan growth and wider margins as the main factors behind strong returns in the retail banking department.

CEO George Frazis emphasised the contribution of the retail banking team on Thursday, “During the half, the BOQ retail business delivered a strong turnaround, contributing to the group’s third consecutive half of improved performance, and demonstrating that our strategy and transformation are heading in the right direction and delivering results.

The company has recently fulfilled it commitment by paying a deferred dividend of 12 cents per share for FY20, after a year of stagnant business year in the pandemic.

Shares in Bank of Queensland (ASX:BOQ) are trading 0.9 per cent higher at $8.98