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Bank of Queensland FY profits up 40%

Australia-based Bank of Queensland has reported a profit after tax of A$129.8 million for the 2006/07 financial year, an increase of 40% over the last fiscal year.

The bank has also broken the A$100 million profit mark for the first time. Included in the result is a one-off after-tax profit of A$29.1 million on the sale of Bank of Queensland’s (BOQ) credit card portfolio to Citigroup this year.

Normalized cash net profit after tax was A$106.1 million, an increase of 22% over the last year, which flowed through to growth in normalized cash diluted earnings per share of 17%.

The result, at the upper end of analyst forecasts, comes on the back of growth in loans under management of 27% and retail deposits of 33% compared to last year.

David Liddy, managing director of BOQ, said: Our success is based on giving customers what they want – good customer service combined with great access and product range.

Bank of Queensland has exceeded its expected growth over the year and is setting a market-leading benchmark in lending and deposit growth which puts it in a very strong position in these volatile times.