Why did Bank of QLD (BOQ) shares rally today?
BOQ +11.13%: Rallied strongly today despite cash earnings of $508m being around 1% below consensus while the final dividend of 24cps was inline taking the full year payout to 46c fully franked – a great 6.5% fully franked yield. A bright spot was net interest income up +7% to $797m which was 2.5% above consensus while net interest margins of 1.75% were a 2bps beat to expectations. With total revenue up 2% to $849m and costs down 1%, they are clearly moving in the right direction. They talked to strong(ish) medium-term guidance with margins expected to increase with rising interest rates partly offset by headwinds from wholesale funding.
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