BOQ Cuts FY 2022 Net Interest Margin Guidance

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By Alice Uribe
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Sydney-Bank of Queensland Ltd has cut its net interest margin guidance for the 2022 financial year, citing price competition, fixed rate lending and higher liquid asset balances.

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The regional Australian lender said its fiscal 2022 net interest margin would be “slightly lower” than previously forecast, as the broader industry experienced tough trading conditions in the first quarter.

Still, it reaffirmed fiscal 2022 guidance for at least a 2% positive jaw-dropping earnings comparison of expenses–and marked lower expenses.

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“BOQ continues to execute on its strategy, digital transformation and ME Bank integration. We are strongly focused against our strategy to transform BOQ into a digital bank with a personal touch,” said Chief Executive George Frazis in a statement. said in the regulatory filing. The lender’s annual shareholder meeting on Tuesday.

BOQ said that with a focus on delivering a positive jaw, spending is now expected to decline by about 1% as compared to FY21.

Write to Alice Uribe at [email protected]

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