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Bank of Queensland (BOQ) has signed partnership agreements with two more aggregators and announced a record earnings result.
Perth-based AFG had been the bank’s sole aggregator partner since BOQ returned to the third-party channel in March 2013.
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The bank announced Friday that it had now added Sydney-based Vow Financial and Custom Equity Group to its broker distribution network.
Head of third-party distribution Brad Rockwell said the new partnerships would help BOQ expand in NSW.
Meanwhile, the bank has also announced its financial results for the six months to February 28.
BOQ reported cash earnings after tax of $140.2 million, a record figure that was 17 per cent higher than the year before.
Statutory net profit jumped 34 per cent to $134.7 million, while underlying net profit rose 18 per cent to $205.5 million. Revenue increased by 8 per cent to $447.1 million.
Housing lending reached $26.1 billion – 1 per cent up on the year before, although 1 per cent down on the previous half-yearly period.
The bank reported that it had expanded its broker network to 536 at the end of February 2014.
Brokers delivered 7 per cent of the bank’s lending applications in February and 10 per cent in March.
Chief executive Stuart Grimshaw said the bank had gained more than 7,000 new leads from the property app it developed with RP Data and its Property Ladder social media project.
“With the likelihood of a return to a more normal trend in house price growth, we expect business credit growth will be the main driver behind future credit growth,” Mr Grimshaw said.
