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Bank Of Queensland Expects Bad Debts To Peak In FY10
Regional lender Bank of Queensland Ltd joined its bigger rivals in calling a likely peak in bad debt charges in the first half of the current financial year (July 1, 2009 to June 30, 2010) amid more buoyant signs for the Australian economy.
“Economic data is pointing to more conducive trading conditions for the bank in 2010 than the past 12 months,” Chairman Neil Summerson told shareholders at the bank’s annual general meeting.
Chief Executive David Liddy said that bad debts continue to rise but are tracking well below the levels seen by the group’s larger competitors.
Most of Bank of Queensland’s larger rivals, including Australian and New Zealand Banking Group Ltd., have also indicated they expect impairment charges for sour loans to peak in the current financial year after Australia’s economy avoided the worst of the global economic downturn.
Liddy also told shareholders the first three months of the group’s current financial year indicate continuing strong lending growth above system levels and margin expansion is on track.
Meanwhile, small acquisition opportunities are becoming increasingly available at attractive prices, Liddy said, adding growth opportunities in retail and small business lending are showing signs of strength.
However, the bank also pointed to a number of head winds, including higher retail cost of funds and a possible increase in regulatory burdens from proposals for increased liquidity and capital requirements.
“While the worst of the financial crisis in Australia may well be behind us, there are still many risks, particularly as overseas countries continue to be in recession and governments and regulators begin to unwind stimulus packages,” Summerson said.
“Maintaining substantial liquidity levels will continue to be important and it is likely there will be increased regulatory focus in this area,” Summerson told investors.
Australian Inflation to
Moderate As Economy
Rebounds In 2010
Australia’s inflation outlook is expected to moderate in early 2010 even as the economy sets course for stronger growth, according to a survey by Dun and Bradstreet.
Expectations for selling prices in the first quarter of 2010 have fallen to their lowest reading ever recorded, D&B said.
Only a net 7% of Australian firms expect to raise prices in early 2010. Just 19% firms expect to raise prices in the first quarter, while 12% expect to lower prices, it said.
Expectations for selling prices have fallen by 68 percentage points since the first quarter of 2009, D&B added.
But at the same time, expectations for business sales and profits have risen. Capital investment intentions are also strong but employment expectations fell, reaching an index reading of -1%, according to the survey.
The survey shows that the rates of growth of sales, profits, inventories and investment in the first quarter of 2010 are likely to be positive, said D&B economic consultant Duncan Ironmonger.
Regional lender Bank of Queensland Ltd joined its bigger rivals in calling a likely peak in bad debt charges in the first half of the current financial year (July 1, 2009 to June 30, 2010) amid more buoyant signs for the Australian economy.
“Economic data is pointing to more conducive trading conditions for the bank in 2010 than the past 12 months,” Chairman Neil Summerson told shareholders at the bank’s annual general meeting.
Chief Executive David Liddy said that bad debts continue to rise but are tracking well below the levels seen by the group’s larger competitors.
Most of Bank of Queensland’s larger rivals, including Australian and New Zealand Banking Group Ltd., have also indicated they expect impairment charges for sour loans to peak in the current financial year after Australia’s economy avoided the worst of the global economic downturn.
Liddy also told shareholders the first three months of the group’s current financial year indicate continuing strong lending growth above system levels and margin expansion is on track.
Meanwhile, small acquisition opportunities are becoming increasingly available at attractive prices, Liddy said, adding growth opportunities in retail and small business lending are showing signs of strength.
However, the bank also pointed to a number of head winds, including higher retail cost of funds and a possible increase in regulatory burdens from proposals for increased liquidity and capital requirements.
“While the worst of the financial crisis in Australia may well be behind us, there are still many risks, particularly as overseas countries continue to be in recession and governments and regulators begin to unwind stimulus packages,” Summerson said.
“Maintaining substantial liquidity levels will continue to be important and it is likely there will be increased regulatory focus in this area,” Summerson told investors.
Australian Inflation to
Moderate As Economy
Rebounds In 2010
Australia’s inflation outlook is expected to moderate in early 2010 even as the economy sets course for stronger growth, according to a survey by Dun and Bradstreet.
Expectations for selling prices in the first quarter of 2010 have fallen to their lowest reading ever recorded, D&B said.
Only a net 7% of Australian firms expect to raise prices in early 2010. Just 19% firms expect to raise prices in the first quarter, while 12% expect to lower prices, it said.
Expectations for selling prices have fallen by 68 percentage points since the first quarter of 2009, D&B added.
But at the same time, expectations for business sales and profits have risen. Capital investment intentions are also strong but employment expectations fell, reaching an index reading of -1%, according to the survey.
The survey shows that the rates of growth of sales, profits, inventories and investment in the first quarter of 2010 are likely to be positive, said D&B economic consultant Duncan Ironmonger.