Statutory profit after tax for the bank was $261 million, up 40 per cent.
The result came despite what BOQ described as "increasingly competitive" lending markets across all segments.
Commenting on the results, acting BOQ chief executive Jon Sutton said the bank had maintained its "disciplined approach to growth" in a low retail credit growth environment.
"We’re not prepared to join the race to the bottom on pricing," Mr Sutton said.
"Our retail growth has also been impacted by our overweight position in Queensland, which is growing at around half the rate of the broader system," he said.
The bank has also seen continued run-off in its legacy lending portfolio, reducing its exposure to riskier market segments, Mr Sutton said.
In terms of outlook, BOQ expects "sustainable growth in earnings and dividends" barring any "unforeseen macroeconomic impacts", he said.
"BOQ Specialist has delivered in line with expectations in its first month and we’re optimistic about the future opportunities and ability of this business to drive high margin growth.
"Finally, the strength of our balance sheet and capital position sets us up well for any regulatory changes that might result from the Financial System Inquiry," he said.
The board of BOQ set the final dividend of 34 cents per share, taking the full-year dividend to 66 cents per share fully franked – up 14 per cent on 2013.
