As the number of customers falling behind on their repayments rises,the watchdog says too many people in hardship are finding it hard to get help.
The bank unveiled a cash profit of $172 million in the six months to February 29,down 33 per cent compared to the first half of last year.
Bank margins will continue to dwindle in the first half of this financial year,analysts say,as customers move their savings into higher-interest offerings.
Bank of Queensland shareholders delivered a blow to the company’s remuneration report as the bank warned of growing economic risks in the year ahead.
Bank of Queensland boss Patrick Allaway blames the economic cycle,margin pressures across the industry and higher cost of funding for its weaker results.
Regulators say Bank of Queensland has breached prudential standards and fallen short in its compliance with anti-money laundering laws.
Bank of Queensland chief executive Patrick Allaway says more customers will face financial stress as interest rate rises hit the economy.
The Bank of Queensland expects net profit of just $4 million following a $260 million hit to its bottom line,but will issue an early payout to bondholders.
Bank of Queensland’s newly minted boss Patrick Allaway says the recent turmoil in overseas banking has pushed the regional lender to prioritise stability in its management ranks.
Banks are competing more aggressively for funds,as consumers shift billions from zero-interest accounts into higher-interest savings accounts and term deposits.
Bank of Queensland executive chairman Patrick Allaway has sought to allay market concerns over the swift removal of former chief executive George Frazis.