Why it matters: BoQ shares have dived again after FY23 profits fell below expectations.
Cash earnings fell 8pc to $450m amid a swirl of scrutiny from the market and regulators.
CEO Patrick Allaway argued investors hadn’t lost patience yet as it was only halfway through a five year strategy.
Bank of Queensland shares dived another 32¢ to $5.46 on Wednesday, pushing the troubled lender’s declines since the start of the year past 19.6 per cent after it once again disappointed investors with lower than expected earnings, and analysts warn that more pain is to come.
However, newly minted chief executive Patrick Allaway maintained that the company was only halfway through a turnaround strategy it had first put to the market in 2020. Mr Allaway, the former chairman of BoQ, admitted the result was disappointing, but argued shareholders had not yet lost patience.
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Lucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com
