Morgan BellBank of Queensland Rockets Up
December 8th 2006 11:18
I love banks, banks of all kinds. The Bank of Queensland is in rapid growth. Stay with me for an insight into its workings.
The news today, 8 December 2006, is that “the (B)ank (of Queensland) opened 42 branches across the country last year and moved into Tasmania and South Australia for the first time, giving it a presence in every state and territory.”
“Mr (David) Liddy (M.D.) said the bank planned to open another 25 branches by June and was aiming for 10-12 per cent earnings-a-share growth a year over the next three years. Its rapid growth has helped the bank to a strong first quarter, with lending approvals up 20 per cent and deposits up 21 per cent on the same period last year.”
““This is a good start to what I expect will be an extremely competitive year in banking in Australia.””
“The first-quarter result follows a net profit lift of 21 per cent to $82 million last year. Mr Liddy said the bank would gain 40,000 customers in central and northern Queensland following its $49.6 million takeover of Mackay-based Pioneer Building Society.”
“Company chairman Neil Roberts said the bank hoped to increase its customer base through acquisitions and would look at opportunities as they arose.”
This news was published in the online version of The Age under the title “Bank spreads wings interstate” and was written by Evan Schwarten. Click here to open that page: theage.com.au.
The Bank of Queensland (ASX: BOQ) is a most interesting story of banking success. It’s also the case of a bank in rapid growth, going well beyond Queensland’s borders.
BOQ’s assets grew, in the last six years to now, a compound annual of 47.3 per cent to $29,279.8 million. Its Return on Assets averaged in the same period 0.53 per cent. BOQ’s Return on Equity is 11 per cent.
Bank of Queensland EPS are no less impressive: the compound increase for the last six years is 13.8 per cent to 74.5 cents.
Its Net Profit is $86.9 million but Cost to Income ratio is 66.5 implying that greater efficiencies are necessary.
BOQ’s share price is $15.00.
BOQ’s P/E though, is high at 20 times.
These figures are based on data available at: money.ninemsn.com.au.
To me this means that there is a lot of speculation around the Bank of Queensland which is keeping its multiples high.
It’s good to know that there is a company you would buy if given the opportunity. I’ll keep an eye.
End
The news today, 8 December 2006, is that “the (B)ank (of Queensland) opened 42 branches across the country last year and moved into Tasmania and South Australia for the first time, giving it a presence in every state and territory.”
“Mr (David) Liddy (M.D.) said the bank planned to open another 25 branches by June and was aiming for 10-12 per cent earnings-a-share growth a year over the next three years. Its rapid growth has helped the bank to a strong first quarter, with lending approvals up 20 per cent and deposits up 21 per cent on the same period last year.”
““This is a good start to what I expect will be an extremely competitive year in banking in Australia.””
“The first-quarter result follows a net profit lift of 21 per cent to $82 million last year. Mr Liddy said the bank would gain 40,000 customers in central and northern Queensland following its $49.6 million takeover of Mackay-based Pioneer Building Society.”
“Company chairman Neil Roberts said the bank hoped to increase its customer base through acquisitions and would look at opportunities as they arose.”
This news was published in the online version of The Age under the title “Bank spreads wings interstate” and was written by Evan Schwarten. Click here to open that page: theage.com.au.
The Bank of Queensland (ASX: BOQ) is a most interesting story of banking success. It’s also the case of a bank in rapid growth, going well beyond Queensland’s borders.
BOQ’s assets grew, in the last six years to now, a compound annual of 47.3 per cent to $29,279.8 million. Its Return on Assets averaged in the same period 0.53 per cent. BOQ’s Return on Equity is 11 per cent.
Bank of Queensland EPS are no less impressive: the compound increase for the last six years is 13.8 per cent to 74.5 cents.
Its Net Profit is $86.9 million but Cost to Income ratio is 66.5 implying that greater efficiencies are necessary.
BOQ’s share price is $15.00.
BOQ’s P/E though, is high at 20 times.
These figures are based on data available at: money.ninemsn.com.au.
To me this means that there is a lot of speculation around the Bank of Queensland which is keeping its multiples high.
It’s good to know that there is a company you would buy if given the opportunity. I’ll keep an eye.
End
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