Analysts say banks are still on track to produce bumper results, but warn the Brisbane-headquartered company’s inferior deposit base might hurt earnings.
Bank of Queensland’s relatively weak deposit base compared to its rivals and rising costs driven by compliance and risk management are expected to weigh heavily on its results when it reports next week.
Citi’s Mr Sproules said that the ME Bank integration and BoQ’s transformation strategy, under which it will transition its core banking systems to the cloud, present “a material opportunity to improve the efficiency of its current operations”. Citi said a peak cash rate of 3.6 per cent, which it now forecasts will remain for some time before the Reserve Bank of Australia starts to cut rates, would mean that “peak bank NIMs have likely already arrived”.
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