Bank of Queensland’s rapid growth in national market share has been highlighted by the release of APRA’s annualised growth figures for the 2005/06 financial year with BOQ number one in housing lending and retail deposit growth of all Australian listed banks.
BOQ Managing Director David Liddy said the latest figures showed the bank had developed a momentum across key areas which highlighted the success of the national branch expansion and the strong growth in business banking.
“These figures prove that Bank of Queensland’s Owner-Managed Branch roll-out is biting when it comes to growth and market share,” Mr Liddy said.
“They also show that a focus on customer satisfaction combined with modern, innovative products is very powerful when it comes to building your customer base.”
Bank of Queensland now has 205 branches across Queensland, NSW, Victoria, Canberra, Darwin and Western Australia as well as a national business banking network focusing on the SME market and built off the back of strong growth in equipment finance and debtor finance.
“The figures don’t lie, and analyst reports this week have highlighted just how BOQ is grabbing market share off its competitors,” Mr Liddy said.
Macquarie Bank figures released this week show that BOQ had housing loan growth of 41.3% annualised in June 2006, double system growth of 20.7% and the fastest growth of all listed Australian banks. The same reported highlighted BOQ’s retail deposit growth of 15.3% annualised in June, more than four times system growth of 3.4% for listed banks and year-on-year growth in retail deposits of 21.8%, the highest of all listed banks.
Macquarie’s report also highlighted BOQ’s business lending growth of 35.7% annualised in June compared to system growth of -4.8% for listed banks. Credit card growth for June was also the highest of all listed banks at 32.4%.
Credit Suisse’s analysis of market share growth also highlighted BOQ’s strong growth in national market share in both housing lending and retail deposits.
“These figures reinforce what we have been saying over the last 12 months as Bank of Queensland takes a bigger bite out of its rivals both here in Queensland and nationally in key product areas,” Mr Liddy said.
“BOQ is a good growth story, and one of the few genuine growth stories when it comes to listed Australian banks.”