Bank of Queensland Announced the Retirement of its Chief Risk Officer

MYO

One of the leading, Australian regional banks, Bank of Queensland Limited (ASX: BOQ) notified the market, about the retirement of Mr Peter Deans, Chief Risk Officer (CRO), post 7 years of him being with BOQ, and more than three decades of career in banking sector.

Deans, who took the role of CRO in March 2012, had provided the notice of his retirement intention from his current role on 31 May 2019. Though, he has agreed to an ongoing consulting arrangement until 31 December 2019. [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]

Anthony Rose, the Interim CEO, stated that Mr Peter Deans had built robust risk foundations, and capability in the past seven years of his tenure, as BRQ’s CRO. He further added that Mr Deans had earned respect throughout the industry, as he had contributed greatly to the company.

Mr Peter Deans commented that he felt, it was now time to hand over the reins to the next generation of risk leadership in the company. He expressed his gratitude toward the board, Executive Team and staff members of the company, for their extended support during the last 7 years of his tenure.

Mr Adam McAnalen, presently the CEO of BOQ Finance, has been hired as CRO, effective 1 June 2019. Mr McAnalen came on board BOQ in the year 2002 as an owner Manager. He had held several senior leadership roles throughout Risk, BOQ Finance, Operations and Retail Banking divisions.

On 18 February 2019, BOQ gave an update on ASX about the trading conditions for the half- year period ended 28 February 2019, prior to the scheduled half-year results, to be published on 11 April 2019. Based on YTD performance till January, 1H19 cash earnings after tax is anticipated to be between $165-$170 million, compared to the 1H18 cash earnings post-tax result, which stood at $182 million.

On 24 January 2019, BOQ released a report (prepared by using 30 November 2018 data), to meet its disclosure needs within the Australian Prudential Regulation Authority Prudential Standard APS 330: Public Disclosure.

BOQ’s capital is measured and accomplished in accordance with Prudential Standards issued by the Australian Prudential Regulation Authority. On 30 November 2018, the Common Equity Tier 1 Capital Ratio of BOQ was 9.1% (9.3 % as on 31 August 2018), and Total Capital Ratio was 12.6% (12.8% as on 31 August 2018).

Capital Structure

The Net Common Equity Tier 1 Capital of BOQ stood at $2,702 million as on November 2018 from $2,762 as on August 2018. The Total Tier 2 Capital of the company stood at $ 532 million as on November 2018 from $524 as on August 2018. The Total Capital Base of the company stood at $3,734 million as on November 2018 from $3,786 as on August 2018.

The stock of the company closed the day’s trading at A$9.090 (as on 8 March 2019), down by 1.088% from its prior close. It has a market capitalization of circa A$3.69 billion, with 401.79 million shares outstanding. The stock of the company has generated a negative return of 21.72% over past one year. However, in the last five days, the stock is up by 0.88% as on 7 March 2019.


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