Why the Bank of Queensland share price is down 4% today
The Bank of Queensland Limited (ASX: BOQ) share price is down 3.9% to $10.20 today despite the regional lender not releasing any specific news to the market. The BOQ share price has probably taken a hit due to the weaker-than-expected interim profit report delivered by rival regional lender Bendigo & Adelaide Bank (ASX: BEN) today.
Bendigo Bank shares are down 5% today after it disappointed with a 2.4% slip in interim cash profit to $219.8 million, with Bank of Queensland set to hand in its first half profit on 11 April 2019.
In December 2018 Bank of Queensland lost its CEO who resigned on health grounds as the bank continues the search for a permanent new CEO.
All bank shares took a battering over 2018 on the back of the Royal Commission into financial services, although its final recommendations last week did not include any particularly adverse effects on the banks’ business models.
BOQ shares are down 13% over the past year (excluding the effects of dividends) after FY 2018’s earnings per share fell 3%.
The bank also declined to provide a specific forecast for FY 2019 other than to flag “challenging” conditions being offset by a sound strategy and asset quality.
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Motley Fool contributor Tom Richardson has no position in any of the stocks mentioned. 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 Scott Phillips.