BOQ profits 'could please credit card holders'

A cash net profit after tax of $97.2 million has been achieved by the Bank of Queensland.

People with Bank of Queensland (BOQ) credit cards may be pleased to note the organisation has announced a cash net profit after tax of $97.2 million for the first half of 2009/10.

The organisation – which offers a range of savings accounts – said it is now in a much stronger position than at the beginning of the global financial crisis.

David Liddy, managing director for BOQ, noted the bank's decision to keep lending throughout the poor economic period has been the correct one.

He added the organisation had maintained its "focus on longer-term value and the commitments made to the market in terms of growth, earnings and cost reduction guidance".

It has also been able to invest in its brand, marketing and technology, as well as slashing its cash cost-to-income ratio by 9.2 per cent over 12 months.

In March, the bank helped out customers affected by a hailstorm in Perth by offering to waive charges on term deposits for those who wished to access their cash.

By Emma North