Australia's Bank of Queensland on Wednesday warned that its net interest margin in the coming year would decline by 5 to 7 basis points due to stiff competition and a low interest rate environment, sending the lender's shares down 4per cent."There may still be uncertainty associated with COVID-19 over the next year," Bank of Queensland said in a statement.
The lender is targeting a dividend payout ratio in the range of 60per cent-75per cent of cash earnings for 2022, and expects common equity tier 1 ratio, a closely watched measure of spare cash, to remain comfortably above 9.5per cent.The company said cash net profit after tax jumped 83per cent to AUS$412 million for the 12 months to August, also largely in-line with Citi's estimates.
BoQ's operating expenses for the year jumped 12per cent to AUS$684 million driven in part by higher business volumes, and the company expects it to grow 3per cent more on an underlying basis in financial year 2022. It declared a final dividend of 22 Australian cents per share, up from 17 Australian cents declared in the first half of 2021.
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