The merger with Home Building Society has boosted Bank of Queensland's (BOQ) strategy to build a solid national network to rival the big banks, according to BOQ managing director David Liddy.
The merger and demand for the $150 million capital raising through the issue of Perpetual Equity Preference Shares were indicators of the bank's growth, Liddy told yesterday's general meeting.
The merger will bring BOQ to a market capitalisation of approximately $2.7 billion, just outside the Australian Securities Exchange Top 100.
BOQ has almost 270 branches, including 152 in Queensland, 52 in New South Wales, 23 in Victoria and 34 in Western Australia along with branches in every other state and territory.
It has more than 650,000 customers.
"We intend to build on this platform with more organic growth and strategic acquisitions to continue to deliver the best growth in lending and deposits in the country," Liddy said.
BOQ recorded net profit after tax of $106.1 million, an increase of 22 per cent on last year.
BOQ chairman Neil Roberts announced he would retire from the board in the next 12 months.
