BoQ's Patrick Allaway remains steadfast despite dismal result
Investors expected a poor BoQ annual result but it was even worse than that. CEO Patrick Allaway insists the bottom is near.
Regional lender Bank of Queensland’s relatively new chief executive - and former chairman - Patrick Allaway isn't shying away from the predicament the business he has led one way or another since 2019 is currently in.
“It's very hard to call the low point. We think if we're not there, we're very close to it. It really depends on the economic cycle and the industry,” he tells Capital Brief in an interview.
BoQ's annual result was frankly a mess. Profits were buffeted by a tougher banking environment, hammered by restructuring costs, tainted by a write-down of goodwill and shadowed by enforceable undertakings to two regulators.
Much of what was delivered was expected, some the bad news had been pre-announced - but BoQ still managed to underperform expectations. Its shares were down as much as 5% on the day.
