Confidential documents outline BoQ’s profit targets

Bank of Queensland is expecting to post a cash profit of $350 million this financial year, and has tied bonuses for the leadership team – led by chief executive Patrick Allaway – to this benchmark, according to confidential documents outlining the board’s expectation of management.

If achieved, the regional lender – which has yet to give investors financial guidance for this year – will outpace market estimates. Investment banks are broadly bearish on BoQ and are recommending clients sell shares. They expect profits to fall 2 per cent to some $337 million in the year to August 31.