Bank of Queensland says it has seen a surge in mortgage applications in recent weeks, despite tough competition in the home loan market and stricter regulatory controls.
The bank reported cash earnings of $175 million for the first half of the financial year, down 2 per cent from a year earlier.
Chief executive Jon Sutton said while earnings were down, the outlook for the second half was more positive, with lending application volumes surging 30 per cent in recent weeks, compared with last year.
“We are operating in a rapidly changing operating environment where regulation, competitive dynamics and customer demands are shifting,” Mr Sutton said.
“A number of the headwinds that emerged in 2016 abated late in the half, which saw mortgage application momentum return and deposit spreads improve.
“It’s expected that this will contribute to better revenue momentum in the second half.”
Get on with it APRA.
