Bank of Queensland hits 18-month high on annual results beat

Bank of Queensland

16/10/2024 24:51

** Shares of Bank of Queensland  BOQ.AX  rise as much as
5.4% to A$6.61, their highest since early April 2023
    ** The under-pressure lender reports FY24 cash earnings of
A$343 mln ($229.57 mln), 5% ahead of consensus estimates
    ** Analysts at Citi say the beat as compared to market
estimates was due to co's net interest margin and in-line
outlook commentary pointing towards stable margins
    ** We expect the market to focus on management's confidence
to achieve flat costs in FY25 despite a number of headwinds -
Citi
    ** Stock eyes strongest trading session since mid-April
    ** Stock has risen 3.1% this year as of last close 


($1 = 1.4941 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))