Australia's Bank of Queensland slumps on bleak outlook, results

Bank of Queensland

11/10/2023 03:38

(Updates with analysts comments)
    ** Shares of Australia's Bank of Queensland  BOQ.AX  fall as
much as 5.5% to A$5.460
    ** Stock set to mark worst day since May 31 if current
losses hold  
    ** Co sees increasing risk into FY24 due to elevated cost of
living and sustained higher interest rates
    ** Says revenue and margin pressure to continue in FY24 from
slower credit growth and competition
    ** Posts FY23 cash net profit after tax of A$450
million($289.31 million), which is 4% below Visible Alpha
consensus estimates
        ** Brokerage UBS deems BOQ's net interest margin fall of
21bps during the half "somewhat concerning", highlighting
headwinds faced by smaller banks 
  
    ** A very weak result, with the likelihood of further
negative revisions to FY24 consensus expectations - Citi
    ** As of last close, stock had fallen 16.2% this year


($1 = 1.5555 Australian dollars)

 (Reporting by Nausheen Thusoo and Poonam Behura in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))