Bank of Queensland (BOQ) AGM 2024 summary

Opening remarks and agenda

• Acknowledgement of traditional custodians and welcome to shareholders in-person and online.

• Celebrated 150 years of serving communities, supporting business growth, and assisting households.

• Outlined meeting procedures, emergency protocols, and question submission process for attendees.

• Introduced Board members, executive team, and external auditor; confirmed quorum and meeting commencement.

• Detailed format: Chair and CEO addresses, followed by business items and Q&A.

Financial performance review

• FY24 marked by margin compression, high inflation, and strong competition for deposits and home lending.

• Total income was $1,600m, down 8% from FY23; cash earnings after tax were $285m, down 24%.

• Tier 1 capital ratio at 10.7%; return on average tangible equity was 7.1%.

• Cost to income ratio increased to 52.2%; transformation investment peaked in FY24 with further cuts expected.

• Fully franked dividends per share were 34.0 cents, down 17% year-on-year.

Board and executive committee updates

• Board refreshed with new directors Andrew Fraser and Mary Waldron; retirements of Bruce Carter and Jenny Fagg.

• Board composition reviewed to ensure appropriate skills and governance.

• Chair and CEO expressed confidence in management's ability to deliver strategy and improve shareholder returns.

• Committee chairs and roles highlighted; external auditor available for questions.