Bank of Queensland Ltd- Focusing On Niche Business And Customer Satisfaction

Focusing on niche business and customer satisfaction: Bank of Queensland Ltd (ASX: BOQ) stock corrected over 19.41% in the last six months and by 21.19% during this year to date (as of February 10, 2016) impacted by the rising competitive pricing coupled with decreasing interest rates impact on margins. However, despite the tough market conditions, BOQ managed to deliver a cash net interest margin improvement by 15 basis points to 1.97% during 2015 fiscal year, driven by better BOQ Specialist business. Accordingly, the group continues to focus on its high margin businesses like BOQ Finance and BOQ Specialist. Bank of Queensland also enhanced its Net Promoter Score to 30.5 in 2015 as compared to less than zero in early 2013, and way ahead of the major banks average of 0.5. BOQ also intends to spend $15.0 million in FY16 towards reshaping its organizational structure to better affect the group’s strategy and to be at par with competitors. This is believed to help move towards cost to income ratio in the low 40% range. The bank is launching Virgin Money mortgage product via its broker channel during the first quarter of 2016. BOQ also continues to focus on expanding distribution channels of Retail Bank, by increasing accredited brokers to 4,000 from 2,500. To read the complete report click here . To get your free report Click Here

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