Bank of Queensland Ltd Update Corporate Presentation Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Jonathan Mott - Barrenjoey Markets Pty Limited, Research Division - Analyst : Patrick. I'm just going to follow up directly from what Richard asked. We've been looking at the banks for a long time now, and we're seeing a lot of profit earnings come out, but I've never seen the company come out and provide a cash earnings number with no disclosure around whether this is driven by margins, volumes, cost, bad debt. And with the stock trading down sharply this morning and 3 or 4 more trading days, do you think it's appropriate that the stock continues to trade when there's such a lack of information about the earnings that the company has provided. And is it appropriate that the stock is trading? Or why won't you provide more information on the profit, which you've provided to the market? Patrick Newton-James Allaway - Bank of Queensland Limited - MD & CEO and Non-Executive Director Thanks for your comments, John. It is appropriate for the stock to continue to trade. As I said earlier, we've got a continuous disclosure obligation. And we felt it important that we actually provide our annualized cash after-tax earnings to support the comments that we are making in relation to the 2 updates that we've given today. They are under the order of results, and it is not appropriate for us to talk about the content of those results today. But the market should get comfort from the fact that we are calling out that we are paying a $0.20 dividend. We are calling out that our cash earnings are strong and that these are noncash one-off items impacting our statutory profits.

Question: Joshua Freiman - Macquarie Research - Analyst : Just a quick question for me, conscious most have been asked on the integrated risk program. I guess I just have a quick question with respect of your dividend sort of expanding on that point. I noticed there's a line there, which has 1.5% DRP discount, just at the bottom, I think, of the first page. And your dividend cut there as well with what looks like a relatively adequate capital position. How should we read into that with respect to the DRP discount? Is that necessary at this point in time? Patrick Newton-James Allaway - Bank of Queensland Limited - MD & CEO and Non-Executive Director Look, our capital position is very strong. We have and we will update in more detail the content of our capital, but we're targeting a CET1 range between 10.25 and 10.75 and our capital position is at the top end of that range. We do think it's prudent in going into the economic cycle that we're going into at the moment to retain a very strong capital position. So we will keep the DRP on with a 1.5% discount. And we think that's appropriate to maintain a very conservative strong capital buffer in the current environment. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 14, 2023 / 12:00AM, BOQ.AX - Bank of Queensland Ltd Update Corporate Presentation