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Bank of Queensland Limited shares hit 52-week high on profit report

The Bank of Queensland Limited (ASX: BOQ) share price hit a 52-week high after it released its 2017 annual report today. 

Bank of Queensland is one of the oldest financial institutions in Queensland with a head office based in Brisbane, it operates 252 branches over Australia.  

BOQ’s primary function is gathering deposits and lending. BOQ falls into the ASX’s top 100 companies based on its market capitalisation.  

In FY 2017 Bank of Queensland delivered a 4 per cent increase in net profit after tax to $352 million, with a 2 per cent increase in ordinary earnings per share and no change in ordinary dividends. The bank’s cash earnings after tax climbed 5 per cent to $378 million. 

It appears H2 2017 was what drove the overall performance for the year, with the total income and profit before tax increasing by 7 per cent and 13 per cent respectively in comparison to H1 2017.  

According to the Financial Times analysts have an average share price target on Bank of Queensland of $12.37, with a high estimate of $13.25 and low estimate of $10.75.  

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Motley Fool contributor Yulia Mosaleva has no financial interest in any company mentioned in this article. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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