BOQ AGM told of strong first quarter results for 2004

Bank of Queensland Managing Director David Liddy told today’s 2003 financial year Annual General Meeting that the strong growth of the last financial year had continued into 2004.


Mr Liddy told shareholders that the Bank had just had its best ever sales week, despite the impact of the first of two official interest rate rises by the Reserve Bank of Australia.


“Bank of Queensland has continued on from its record 2003 financial year with powerful growth in the first quarter of 2004,” he said.


“Lending approvals have more than doubled in first quarter 2004 compared to the same quarter last year, growing 106 per cent. They have also grown 21 per cent on the previous quarter,” Mr Liddy told shareholders at today’s meeting.


“That is very strong growth and comes from our increasing retail footprint through the opening of 36 new branches over the last two years and the booming growth of our business banking operations.”


The AGM was also told that the two recent acquisitions by Bank of Queensland – UFJ Equipment Finance Australia and ATM Solutions Australasia – were already contributing strongly to the Bank’s bottom line.


“We have seen the synergies already, with UFJ recording its strongest sales month ever in November, the first month under BOQ management, and ATM Solutions Australasia has undergone a 52% surge in transactions in the last three months,” Mr Liddy said.


Mr Liddy also reiterated the Bank’s projections at the release of the 2003 full year results including: EPS growth of 10% to 12%; Cost-to-income ratio of 64% and Return on Equity of 14%.


“With the launch of our interstate expansion increasing our retail and business banking footprint even further, we are confident that 2004 will see the continued strong growth of Bank of Queensland,” Mr Liddy said.


Bank of Queensland Chairman Neil Roberts told the meeting the 2003 financial year had been the Bank’s best.


“During the last two years, Bank of Queensland has grown faster than any other bank. It is still growing at a rate well above system,” Mr Roberts told the meeting.


“Two years ago, this Bank’s assets under management were $5.2 billion. At the end of the 2003 financial year assets under management stood at $8.7 billion. They now exceed $10 billion with the acquisition of UFJ Finance,” he said.