Today Bank of Queensland
Shares (BOQ.AX) surged over 7% with BOQ announcing a record profit of $318
million which is an increase of 22% from the previous year.
Also margins improved slightly
by 15 basis point to 1.97% which is a good result due to the fierce competition
that is currently occurring in the home loan market throughout Australia.
Also the low interest rate environment
is helping maintain record low levels of loan impairments. As this reduced by 14%
to $74 million.
Also more good news for BOQ
shareholders like myself is that they are increasing the dividend per share
from 34c a share this time last year to 38c this year.
Bank of Queensland also expects
to grow its lending by 7% which is a very good growth rate when combined with
this dividend yield of over 6%.
I'm more than happy to
continue to hold my investment in Bank of Queensland for many years to come.
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