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2020 ANNUAL REPORT Year Ended 31 August 2020 SUPPORTING SMALL BUSINESS THROUGH STRONG CUSTOMER RELATIONSHIPS

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2020 ANNUAL REPORT Year Ended 31 August 2020 SUPPORTING SMALL BUSINESS THROUGH STRONG CUSTOMER RELATIONSHIPS 2020 ANNUAL REPORT Year ended 31 August 2020 SUPPORTING SMALL BUSINESS THROUGH STRONG CUSTOMER RELATIONSHIPS COVER STORY Valued BOQ customers, Charmaine, Garry and their The Ashfords are quick to say how much they appreciate son, Chris Ashford, are proud owners/operators of how receptive the BOQ team is and how open the lines of All Purpose Coatings – a family run business based communication are. They are particularly thankful for the fact that they are able to call John directly on his mobile, bypassing in Sumner, Brisbane (QLD), which manufactures and queues and saving precious time and for the personal touch John supplies protective coating solutions for residential, applies to their interactions. In the Ashfords’ words, “Customer commercial and industrial flooring and walls. service is so strong at BOQ. John handles everything, which makes the process as simple as possible – he even hand delivers The Ashfords have much to be proud of, as it is no small feat documents to our premises!” This level of customer service is a growing a business from three employees housed in a residential clear demonstration of BOQ’s purpose of creating prosperity for double garage in 2005 to a national, multi-million dollar business our customers and values of empathy and making a difference. driven by a team of 30 people. Over the years, further financing has been secured by the The Ashfords have been loyal BOQ customers since 2012 when Ashfords for a new commercial building, multiple commercial they secured finance from John Lynch, Middle Park branch vehicles, rental properties and personal home loans. BOQ is Owner-Manager, for their first commercial building. They proud to partner with the Ashfords and looks forward to walking approached a variety of banks during this time but opted to do alongside the family well into the future as they continue to help business with the Middle Park team due to a less cumbersome the Australian economy prosper. process led by a deeply knowledgeable, empathetic banker who understood the nuances and complexity of their business. 2 Bank of Queensland Limited and its Controlled Entities CONTENTS ABOUT THIS REPORT OVERVIEW ABOUT THIS REPORT FY20 Financial Results 4 This year’s Annual Report includes details of BOQ’s purpose and values, strategy, our value creation story, operations, audited Chairman’s Review 6 financial statements and other statutory disclosures. The report predominantly focuses on our financial performance, Managing Director and CEO’s Message 8 with further detail on our non-financial performance measures DIRECTORS’ REPORT 11 contained in the 2020 Sustainability Report. We are continuing to enhance our reporting to explain to stakeholders how we deliver About BOQ 12 long-term value. Responding to COVID-19 14 Unless otherwise stated, the Annual Report encompasses all BOQ Value Creation and Strategy 16 activities for the financial year commenced 1 September 2019 and ended 31 August 2020. All monetary values in this document Financial Performance 20 are presented in Australian dollars, which is the Bank’s functional currency. Our Operating and Financial review is Governance and Risk Management 47 contained in pages 12-63 of this report. Directors’ Details 59 OTHER DOCUMENTS IN OUR 2020 Remuneration Report 64 REPORTING SUITE LEAD AUDITOR’S BOQ produces a range of reports designed to meet the evolving INDEPENDENCE DECLARATION 91 expectations of a wide number of stakeholders. Our 2020 annual reporting suite also includes the following documents: FINANCIAL REPORT Income Statements 94 SUSTAINABILITY REPORT Our 2020 Sustainability Report outlines information about Statements of Comprehensive Income 95 our performance against social, environmental and economic opportunities and challenges. This report is available on the Annual Balance Sheets 96 Reports page of our website and is supported by supplementary Statements of Changes In Equity 97 information available on the Sustainability section of our website. Statements of Cash Flows 101 CORPORATE GOVERNANCE STATEMENT Notes to the Financial Statements 102 Our 2020 Corporate Governance Statement discloses how we have complied with the ASX Corporate Governance Council’s OTHER INFORMATION Corporate Governance Principles & Recommendations (4th Directors’ Declaration 175 edition) and is available on the Corporate Governance page of our website. Independent Auditor’s Report to the Members 176 FY20 INVESTOR MATERIALS Shareholding Details 186 Our FY20 Investor Materials provide a high level overview of the Shareholder Information 189 Group’s performance along with a detailed result analysis and a discussion on the outlook, which covers the macro environment Glossary 190 and the Group’s high level priorities. Investor Materials are available on the Financial Results page of our website. We are always looking for ways to improve our reporting. Please send your questions or suggestions to our Investor Relations team at [email protected] Bank of Queensland Limited I ABN 32 009 656 740 I AFSL No. 244616 I Level 6, 100 Skyring Terrace, Newstead QLD 4006 2020 Annual Report 3 FY20 FINANCIAL RESULTS PROFIT RESULTS EARNINGS & DIVIDENDS ($m) (¢ per ordinary share) 8 378 352 372 336 320 298 225 115 97.6 76 94.7 76 79.5 65 51.1 12 2017 2018 2019 2020 2017 2018 2019 2020 Cash Earnings after Tax Statutory Net Profit after Tax Cash Basic Earnings per Ordinary Share Dividends per Ordinary Share Special Dividend per Ordinary Share 2020 CASH EARNINGS STATUTORY NET PROFIT CASH BASIC EARNINGS DIVIDENDS AFTER TAX AFTER TAX PER ORDINARY SHARE PER ORDINARY SHARE (¢ PER SHARE) (¢ PER SHARE) ¢ ¢ $225m $115m 51.1 12 from from from from 30% FY19 61% FY19 36% FY19 82% FY19 NET INTEREST MARGIN CASH COST TO INCOME RATIO CASH RETURN ON EQUITY 1.91% 54.2% 5.4% Down 2bps from FY19 Up 320bps from FY19 Down 290bps from FY19 LOAN IMPAIRMENT EXPENSE ($m) 48 41 69 175 $175m 37bps of gross loans and advances 2017 2018 2019 2020 4 Bank of Queensland Limited and its Controlled Entities 5 YEAR FINANCIAL SUMMARY 2020 2019 2018 2017 2016 $ millions (unless otherwise stated) $m $m $m $m $m FINANCIAL PERFORMANCE (1) Net interest income 986 961 965 926 937 Non interest income 110 128 145 175 173 Total income 1,096 1,089 1,110 1,101 1,110 Operating expenses (2) (594) (555) (527) (513) (520) Underlying profit before tax (2) (3) 502 534 583 588 590 Loan impairment expense (2) (175) (69) (41) (48) (67) Cash earnings before tax 327 465 542 540 523 Cash earnings after tax attributable to ordinary shareholders 225 320 372 378 360 Statutory net profit after tax 115 298 336 352 338 FINANCIAL POSITION Gross loans and advances (4) 47,043 46,216 45,279 43,817 43,152 Total assets 56,772 55,597 52,980 51,658 50,853 Customer deposits 34,762 32,428 31,325 30,190 29,122 Total liabilities 52,541 51,738 49,124 47,869 47,266 Total equity 4,231 3,859 3,856 3,788 3,587 SHAREHOLDER PERFORMANCE Market capitalisation at balance date 2,785 3,721 4,565 4,932 4,020 Share price at balance date ($) 6.13 9.17 11.49 12.59 10.55 Cash basic earnings per share (cents) (5) 51.1 79.5 94.7 97.6 95.6 Cash diluted earnings per share (cents) (5) 46.3 73.9 89.3 93.9 90.7 Fully franked dividend per ordinary share (cents) 12 65 76 76 76 Fully franked special dividend per ordinary share (cents) - - - 8 - Cash dividend payout ratio to ordinary shareholders 24% 82% 81% 78%(6) 80% CASH EARNINGS RATIOS Net interest margin (7) 1.91% 1.93% 1.98% 1.87% 1.94% Cost-to-income ratio (2) 54.2% 51.0% 47.5% 46.6% 46.8% Return on average ordinary equity 5.4% 8.3% 9.9% 10.4% 10.3% CAPITAL ADEQUACY Common Equity Tier 1 ratio 9.78% 9.04% 9.31% 9.39% 9.00% Total Capital Adequacy ratio 12.73% 12.40% 12.76% 12.37% 12.29% (1) All amounts disclosed are on cash basis except statutory net profit after tax. (2) Includes a $5 million prior period restatement of employee costs from Loan impairment expense to Operating expenses. The Cost-to-income ratio has also been restated. (3) Underlying profit before tax is profit before impairment on loans and advances, significant items and tax. (4) Before specific and collective provisions. (5) Comparatives for basic and diluted earnings per share have been adjusted for the effects of the Institutional share placement and share purchase plan that occurred during the current financial period. (6) This ratio was 87 per cent including special dividend. (7) 2020, 2019 and 2018 Net Interest Margin (NIM) is net of offset accounts. 2020 Annual Report 5 CHAIRMAN’S REVIEW Dear Shareholder Last year we committed to achieving better outcomes for our Following the capital raising in December last year we are well stakeholders. We recognised the need to take decisive action to capitalised to fund our transformation and trade through improve performance and outlined five key priorities to return the current credit cycle. Our intent to pay dividends remains BOQ to profitable and sustainable growth. We foreshadowed unchanged. The future payout ratio will reflect APRA guidelines that the transformation will take time with a difficult year ahead and be balanced against the ongoing assessment of the resilience in FY20. of the Bank to absorb credit losses, the protection of deposit holders and debt security holders and the investment in our The past 12 months have been a more challenging period transformation to grow long term shareholder value. than we could ever have anticipated, with the impact of the devastating bush fires and the COVID-19 health pandemic, Employees causing considerable hardship for our customers, shareholders, Through the pandemic we have focused on ensuring the safety employees and the communities in which we operate.
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