Bank of Queensland (BOQ) AGM 2024 summary

Opening remarks and agenda

• Acknowledgement of traditional custodians and welcome to shareholders in-person and online, with meeting procedures and safety instructions outlined.

• Celebrated 150 years of serving communities, supporting business growth, and assisting households with home ownership and savings goals.

• Format included addresses from the Chair and CEO, followed by Q&A and formal business, with opportunities for both in-person and online participation.

• Acknowledged Aboriginal and Torres Strait Islander peoples as Traditional Custodians and highlighted commissioned artwork symbolizing growth and future promise.

Financial performance review

• FY 2024 saw margin compression, high inflation, and strong competition for deposits, with home lending and margin contraction amid transformation investment.

• Cash earnings after tax were AUD 285 million, statutory net profit after tax AUD 285 million, with a full year dividend of AUD 0.34 per share (5.4% yield).

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

• Return on average tangible equity was 7.1%, and cost to income ratio increased to 52.2%.

• Tier 1 capital ratio ended at 10.7%, with financial resilience supported by prudent liquidity and high deposit funding.

Board and executive committee updates

• Board refreshed with retirements (Bruce Carter, Jenny Fagg) and appointments (Andrew Fraser, Mary Waldron), both standing for election.

• Board composition aims for a mix of skills and experience to maintain governance; deep engagement with management and focus on risk culture.

• Board refresh included welcoming two new Non-Executive Directors.

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