Australia Bank of Queensland to take $123.8 million impairment hit in fiscal year 2020

03:21  29 september  2020
03:21  29 september  2020 Source:   reuters.com

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(Reuters) - Bank of Queensland (BOQ) said on Tuesday it would record pre-tax loan impairment expenses of A$175 million ($123.81 million) in its annual results, with most of the charges driven by the coronavirus crisis.

Australia's banks have been grappling with record-low interest rates, higher default risk and loan holidays for struggling borrowers, as the country tackles its first recession in nearly three decades.

BOQ's impairment expense equates to about 37 basis points of gross loans, with coronavirus-related provisions of A$133 million expected to reduce the bank's common equity tier 1 (CET1) ratio by 39 basis points.

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The Brisbane-based lender said it still expected to end the year with CET1, a closely watched measure of spare cash, comfortably above its target range of 9.0% to 9.5%.

An A$11 million expense related to some irregularities identified by a review of historical employee pay and entitlements would also be included in its fiscal 2020 result, the bank said.

"BOQ has made a full and unreserved apology to people affected by these issues and will ensure people are remediated fully as a matter of priority," the company said in a statement, adding that the impact of the errors remain under investigation.

Bank of Queensland is set to report its fiscal 2020 results on Oct. 14.

($1 = 1.4134 Australian dollars)

(Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Devika Syamnath)

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