In a presentation at the annual UBS Australian Financial Services Conference, the bank reiterated its key management targets for the 2013 financial year, with a particular focus on expansion.
“The conference today gave us the opportunity to reiterate how we’re delivering on our strategy in the areas of multi-channels optimisation, risk/return balance, operational excellence and talent, and capability and culture,” a BOQ spokesperson told InvestorDaily.
“In terms of strategy, we’re delivering across all four strategic pillars, most notably in our return to the [mortgage] broker channel in Western Australia, the work on a balanced scorecard approach for owner managers and the measured expansion of our business banking operations.
“The acquisition of Virgin Money Australia further extends our reach into currently untapped, complementary customer and market segments.”
BOQ’s four strategic pillars include multi-channel optimisation, which will involve the expansion of its multi-channel - a roll-out of its broking channel - which started trails in Western Australia in October last year.
The bank said that despite “mixed” economic and business conditions including signs of a residential property market improvement in south east Queensland, it is on track to deliver on its targets.
“All in all, we’ve worked hard to re-establish our business fundamentals and, while there’s more work to do, we’re satisfied with the progress we’ve made and the momentum within the organisation,” the BOQ spokesperson said.
“We are on track to meet our key management targets for the 2013 financial year, and beyond.”
