Bank of Queensland (BOQ) AGM 2025 summary

Opening remarks and agenda

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

• Outlined emergency procedures, question protocols, and meeting format, including Q&A and voting processes.

• Introduced board members, senior management, and external auditor.

• Emphasized Queensland heritage, resilience, and a shift to a simpler, specialist bank model.

• Outlined a digitisation strategy to meet evolving customer needs and highlighted progress on remedial action plans.

Financial performance review

• Cash profit after tax for 2025 was AUD 383 million, up 12% from the prior year, driven by margin uplift, cost management, and asset quality.

• Fully franked final dividend of AUD 0.20 per share, full-year dividend AUD 0.38, up 12% from FY24; AUD 231 million returned to shareholders.

• Commercial lending grew by AUD 1.6 billion (14%), with a focus on specialist sectors like healthcare and agriculture.

• Total income rose 4% to $1,657m, underlying profit up 10%, and statutory net profit after tax up 12%.

• CET1 ratio improved by 80bps to 10.94%.

Board and executive committee updates

• Karen Penrose stood for re-election, highlighting her experience and commitment to transformation; Paul Riordan stood for election, emphasizing risk and audit expertise.

• Board renewal ongoing, with three of six directors joining since January 2024.

• Board maintains focus on skills mix and transformation leadership.

• Board composition features a diverse mix of skills and experience, with recruitment planned to enhance the board in the next 12 months.