How has the Bank of Queensland (ASX:BOQ) share price been performing since reporting results?

We look at how the bank’s shares have been travelling recently.

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The Bank of Queensland Limited (ASX: BOQ) share price has finished trade on Friday, up 1.10% apiece at $9.21. In comparison, the S&P/ASX 200 Index (ASX: XJO) was down 0.37% to 7342.6 points at market close.

The regional bank’s shares have moved sideways since February this year, despite a strong performance in its most recent results.

Below, we take a look at the company’s financial metrics and how its shares have performed since.

What did Bank of Queensland report for the first-half of FY21?

Bank of Queensland delivered its half-year results for the 2021 financial year to investors before market open on 15 August. The Bank of Queensland share price closed the previous day at $8.90.

Across the board, the Bank of Queensland recorded a robust scorecard with growth in several key areas. This included:

  • Cash earnings increased 9% to $165 million;
  • Statutory net profit after tax soared 66% to $154 million;
  • Net interest margin (NIM) lifted 3 basis points to 1.95%;
  • Common Equity Tier 1 (CET1) capital ratio jumped 12 basis points to 10.03%; and
  • Interim dividend up 54.5% to 17 cents per share.

The strong result was underpinned by above system asset growth, NIM improvement, cost discipline, and a strong capital position.

Bank of Queensland CEO and managing director, George Frazis commented:

In the first half of our 2021 financial year, the BOQ Group has produced another strong performance and is building momentum, demonstrated by an uplift in statutory profit and cash earnings.

…These results reflect the Group’s sharp focus on our strategic priorities and the disciplined operational execution of our transformation plan.

How has the Bank of Queensland share price reacted?

In the following weeks after the first-half report, Bank of Queensland shares hit a 52-week high of $9.27 on 28 April. However, some profit-taking led its shares momentarily lower, until picking up again in August.

It’s worth noting that the company’s share price reached a new 52-week high of $9.73 this month.

The Bank of Queensland share price is up 55% over the last 12 months, while the ASX 200 has gained 25%.

A couple of brokers have weighed in after the company’s share price in July.

Analysts at JPMorgan raised its rating on the Bank of Queensland share price, adding its outlook by 2.1% to $9.80. On the other hand, Credit Suisse also lifted its price target by 15% to a bullish $11.50.

Based on the current share price, this implies an upside of roughly 25% on Credit Suisse’s assessment.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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