The bank has announced an after tax profit of $197.1 million for 2009/10.
The Bank of Queensland (BOQ) has announced a net profit for the 2009/10 financial year (FY10) and stated it is set to launch a new transaction account within the next six months.
It managed proceeds of $197.1 million after tax - an increase of five per cent on last year.
David Liddy, managing director of the organisation - which offers BOQ credit cards - noted that the firm has continued to deliver on its growth strategy, despite the tough economical conditions.
He added: "As per our guidance, we expect that bad debt losses have peaked in FY10, however we also expect that investments in collection processes and resources will improve specific portfolio performance."
And as well as the new transaction product, he also stated that a new Business Privileges Package for small and medium-sized enterprises will be out within six months.
This comes after the BOQ announced a new savings account - Save To Win - that gives customers the opportunity to be presented with cash prizes, up to $20,000, each month.
By Joe Letts
