The BBB+/Stable/A-2 credit ratings on the Bank of Queensland (BoQ) reflect the bank's strong market position in the growing Queensland market, increasing national footprint, and its maintenance of good credit standards. BoQ provides various products including retail as well as commercial banking and lending products. Based in the Australian state of Queensland, the bank also has a presence in the equipment and debtor finance space. It has successfully integrated Pioneer Permanent Building Society Ltd. (acquired in 2006) to further strengthen its position in its home state. The profitability of the business is sound, with a 40% increase in net profit after tax to A$129.8 million. The operational efficiency of the business has consistently improved over the last few years with
