The Bank of Queensland has announced a statutory loss of $17.1 million for the full 2012 year, with the company citing increased provisions and one-off legacy expenses the causes of the loss.

 

But despite the loss, the company has announced it expects a return to profitability in the second half, with an estimated statutory profit in excess of $73 million.

 

In announcing the result, BOQ Managing Director and CEO Stuart Grimshaw said BOQ had emerged from this year a ‘fitter’ organisation, focused on sustainable and profitable growth.

 

“Stronger credit and collection processes are now in place and our risk management capability is vastly improved.

 

“We have seen a fall in mortgage arrears over the past few months, however we continue to be prudently provided for, hence the top-up of our collective provisions.

 

“We are seeing stabilisation in the commercial portfolio with no new large impaired exposures in the second half.”