Australia's Bank of Queensland emerges top gainer after HY profit beats consensus

Bank of Queensland

17/04/2024 01:42

** Shares of Bank of Queensland  BOQ.AX  jump as much as
7.2% to A$6.15, set for their best day since Oct 12, 2022, if
gains hold 
    ** Stock emerges as biggest gainer on the benchmark 
    ** The Brisbane-based lender reports a half-year cash net
profit after tax of A$172 mln ($110.36 mln), beating a Visible
Alpha consensus of A$162.2 mln, according to Citi, but down 33%
on YOY basis 
    ** Group's net interest margin - a key measure for bank
profitability - was down to 1.55% for HY, decreasing by 3 bps
from 2H FY23 
    ** Co declares an interim dividend of 17 AU cents per share 
    ** Anticipate revenue and margin pressures to moderate in
second half of 2024 - BOQ 
    ** "While the result was notionally a beat, it was largely
driven by lower bad debts and lower costs," Citi analysts say 
    ** Shares hit highest since April 9 
    ** Stock has fallen ~4.6% this year, as of last close

    ($1 = 1.5586 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))