...April 14, 2022 MELBOURNE (S&P Global Ratings) April 14, 2022--Following today's half-year results announcement, we believe Bank of Queensland Ltd. (BoQ, ###+/Positive/A-2) is well placed to benefit from the utilization of its multibrand strategy, which includes the integration of Members Equity Bank Ltd. (ME Bank) on to its retail platform. We believe the multibrand strategy across BoQ's retail and business portfolios will continue to support business growth. For the first half of fiscal 2022 (ending August 2022) the bank's retail loan book grew at 1.8x system while lending for small and midsize enterprise (SME) grew at 2.5x system. In our view, the ME bank integration remains on track. The integration program is well progressed and expected synergies to be delivered are ahead of target. Notwithstanding our expectation for strong loan growth, capital should remain a strength for BoQ. We expect the bank will undertake capital management measures such as a dividend re-investment plan and...
