Bank of Queensland — company, franchise, risk and capital record

This five-year record concerns Bank of Queensland Limited (ASX: BOQ) and the consolidated group reported in its annual reports. BOQ's group financial reports identify the reporting entity as Bank of Queensland Limited and its controlled entities; the FY2021 report gives ABN 32 009 656 740 and AFSL 244616. BOQ's Group year ends on 31 August. All amounts in this report are in Australian dollars unless a source explicitly uses another unit or currency.

The annual-report publication date is a document date, not the date of the underlying annual performance: FY2021 was issued on 13 October 2021, FY2022 on 12 October 2022, FY2023 on 11 October 2023, FY2024 on 16 October 2024 and FY2025 on 15 October 2025. The five reporting periods are therefore the twelve months ended 31 August in 2021, 2022, 2023, 2024 and 2025 respectively.

BOQ's operating presentation has changed within a persistent multi-brand group. The annual reports distinguish the BOQ, ME and Virgin Money Australia / Virgin Money customer propositions from the legal reporting entity and from the statutory operating segments. A brand or distribution channel is consequently not treated here as a separate legal subsidiary unless BOQ identifies it that way in its controlled-entity disclosures. Likewise, Group consolidated financial statements, Bank-parent disclosures, management operating metrics and APRA Level 2 prudential measures are kept separate.

The following table records the annual boundary disclosures most relevant to five-year comparability.

The BOQ reports use more than one valid measurement basis. They must not be substituted for each other.

• FY2021: The Group's statutory financial-performance commentary generally excluded ME Bank unless specified; the acquisition date explains why the statutory results include only July–August 2021 ME contribution. BOQ did not restate statutory comparatives for a full-year ME Bank contribution.
• FY2022: The ME ADI-licence surrender and transfer into BOQ was completed during the year. This is a legal/operating boundary event; it should not be confused with the FY2021 acquisition date.
• FY2023: BOQ stated that APRA's revised Basel III capital framework took effect on 1 January 2023 and that comparative capital information was not restated. Regulatory-capital comparisons spanning FY2022/FY2023 therefore retain BOQ's framework qualification.
• FY2024: BOQ's FY2024 five-year summary states that its financial-performance rows are cash-basis measures except statutory NPAT; it is an issuer comparative presentation, not a reconstructed pro-forma series. The report also notes a FY2023 diluted statutory EPS restatement to exclude anti-dilutive Capital Notes instruments.
• FY2025: BOQ again separately reported cash earnings and statutory NPAT, including one-off statutory impacts connected with strengthening/simplifying and retail-bank goodwill impairment. The distinction is retained across all financial tables rather than treated as a change in the reporting year itself.

This section establishes reporting entities, dates and measurement boundaries. It does not make a recommendation, valuation, forecast or causal conclusion. The later financial, franchise, lending, funding, capital, technology, risk and controlled-entity sections provide their own annual factual registers under the corresponding BOQ basis.

Sources

• Bank of Queensland Limited 2021 Annual Report — FY ended 31 August 2021; printed pp. 3, 12 and 116–120.
• Bank of Queensland Limited 2022 Annual Report — FY ended 31 August 2022; printed pp. 3, 12 and 114–120.
• Bank of Queensland Limited 2023 Annual Report — FY ended 31 August 2023; printed pp. 4–6 and 136–143.
• Bank of Queensland Limited 2024 Annual Report — FY ended 31 August 2024; printed pp. 4–6 and 149–160.
• Bank of Queensland Limited 2025 Annual Report — FY ended 31 August 2025; printed pp. 2–5 and 125–136.

Reading this record

This is a record of the BOQ Group years ended 31 August 2021–2025. Amounts are Australian dollars and, unless otherwise stated, $m. BOQ uses cash earnings as a non-Accounting-Standards management measure and reports statutory NPAT under the audited consolidated financial statements. They are deliberately shown in separate columns and are never substituted for one another. Likewise, statutory deposits and the narrower management customer deposits series are not interchangeable.

The FY2024 annual report carries a comparative five-year table. That later table contains some revised comparative values that differ from figures published in the original FY2022 report. This section preserves both the latest comparable series and the originally published FY2022 figures where the annual reports disclose the difference; it does not infer the reason for any revision where the annual-report disclosures do not state one.

Five-year cash-performance and statutory-profit record

The table below uses the FY2024 Annual Report's five-year-summary presentation for FY2021–FY2024, extended with the FY2025 annual-report results. Financial-performance rows are on BOQ's stated cash basis except statutory NPAT. Underlying profit is before loan impairment, significant items and tax.

FY2025 cash earnings were $383m, compared with $343m in FY2024, while statutory NPAT was $133m, compared with $285m. BOQ stated that FY2025 statutory NPAT included one-off strengthening/simplifying impacts and a retail-bank goodwill impairment. The statutory income statement's operating expenses were $1,370m, whereas cash operating expenses were $1,072m; these are distinct reporting bases.

For FY2023, the statutory income statement reported $1,615m net interest income, $1,759m net banking operating income, $1,411m operating expenses, $67m impairment loss, $281m profit before tax, $157m income-tax expense and $124m profit for the year. The cash-performance table for the same year instead reported $1,600m cash NII, $1,742m total income, $1,010m operating expenses, $71m loan-impairment expense and $450m cash earnings after tax. The different result series must remain labelled.

FY2022 original-report comparison hold

The original FY2022 annual report recorded cash earnings after tax of $508m and consolidated statutory NPAT of $426m. Its five-year summary/financial statements also reported cash NII of $1,529m (statutory income-statement NII $1,540m), total income $1,682m, operating expenses $937m, underlying PBT $745m and cash earnings before tax $732m. The later FY2024 five-year table shows FY2022 cash earnings of $491m and statutory NPAT of $409m. the annual-report disclosures do not provide a public, page-verified explanation for that difference, so this report does not select one as a replacement for the other.

Statutory balance-sheet record

The FY2021 original annual-report balance sheet reported assets of $91,432m, deposits of $65,902m, borrowings of $17,723m, liabilities of $85,235m and equity of $6,197m. The later FY2024 five-year summary presented FY2021 assets at $91,439m and liabilities at $85,242m. These small comparative-presentation differences are retained as reported; no unprovided reconciliation is inferred.

The FY2022 original balance-sheet presentation recorded total assets of $91,817m, liabilities of $85,691m and equity of $6,126m, while the FY2023/FY2024 comparative presentation used $99,913m assets, $93,245m liabilities and $6,668m equity for FY2022. This is a material comparability difference between annual-report presentations. The table uses the later FY2024 five-year comparison for consistency, and the original-report amounts remain disclosed here rather than silently overwritten.

At FY2025, BOQ reported cash and cash equivalents, FVOCI debt instruments and all funding/portfolio classifications in the audited financial statements separately; this section does not recast them into liquidity or credit-quality ratios. Those records are retained in the funding/liquidity and credit-quality sections.

Cash-flow record: disclosed annual flows, not earnings

Cash-flow movements are not interpreted as income, margin or cash earnings. In particular, an increase/decrease in loans or deposits in the cash-flow statement is a stated cash-flow line item and not a lending-volume or customer-deposit definition.

Cash-to-statutory boundaries and material reconciling disclosures

• In FY2021, BOQ disclosed Group cash-to-statutory reconciling items that included $19m transaction costs, $9m integration, $6m employee pay/entitlements review, $3m hedge ineffectiveness, $3m acquisition fair-value-adjustment amortisation and $3m intangible review. The items are the reported earnings reconciliation categories, not a measure of aggregate cash spent.
• FY2021 included two months of acquired ME Bank results from 1 July 2021. BOQ reported Group cash earnings of $412m and statutory NPAT of $369m; BOQ-only cash earnings were $389m and BOQ-only statutory NPAT was $352m, while ME's two-month cash earnings and statutory NPAT were $23m and $17m respectively. These acquisition-period boundaries are not applied retrospectively to earlier statutory results.
• FY2023's difference between cash earnings and statutory NPAT was described in the annual report through statutory-basis adjustments including goodwill impairment, acquisition fair-value-adjustment amortisation and hedge ineffectiveness. the annual report does not support reducing that disclosure to a single inferred cause.
• FY2025's $250m difference between cash earnings after tax and statutory NPAT is not treated as a cash-flow difference. BOQ separately identified strengthening/simplifying impacts and a retail-bank goodwill impairment in its statutory-result discussion.

Ordinary dividends, dividend reinvestment and shareholder-capital events

Dividend per share, the cash payout ratio and dividends actually paid are separate facts. A final dividend determined after a balance date is identified as a post-year-end Board determination, rather than as a cash flow of the completed financial year. The FY2021 target payout range is a Board target statement, not an assurance about a future distribution.

Sources

• Bank of Queensland Limited 2021 Annual Report — FY ended 31 August 2021; printed pp. 4–5, 20–26 and 108–115.
• Bank of Queensland Limited 2022 Annual Report — FY ended 31 August 2022; printed pp. 4–5, 20–26 and 106–113.
• Bank of Queensland Limited 2023 Annual Report — FY ended 31 August 2023; printed pp. 52–57 and 128–135.
• Bank of Queensland Limited 2024 Annual Report — FY ended 31 August 2024; printed pp. 81–90 and 150–157.
• Bank of Queensland Limited 2025 Annual Report — FY ended 31 August 2025; printed pp. 69–78 and 126–133.

Scope and boundary

This is a record of the customer propositions, distribution channels and management-reporting segments disclosed by BOQ in the five annual reports for years ended 31 August 2021–2025. A brand, a legal entity and an operating segment are not interchangeable terms. BOQ, Virgin Money Australia / Virgin Money (VMA) and ME appear as customer brands or propositions in the reports; Retail Banking / Retail Bank, BOQBusiness / BOQ Business and Other are management-reporting segments in the later reports. The Group’s controlled-entity register and ME legal integration are dealt with separately in the entity and ME-integration sections.

In particular, ME Bank was acquired in July 2021 and was a separately described operating brand in FY21. On 28 February 2022, ME Bank surrendered its ADI licence and its assets, liabilities and reserves transferred to BOQ. That legal event does not by itself mean that references to the ME brand, ME customers or ME distribution ceased: the later reports continue to describe ME as a brand/channel proposition. Likewise, Owner Managed branch counts describe a distribution model, not a count of subsidiaries or legal entities.

Five-year brand, distribution and segment register

Operating-segment financial register

BOQ’s annual reports use management/cash reporting for these segment tables. They should not be substituted for the statutory consolidated income statement or balance sheet, and FY21 is not reconstructed below because the FY21 annual report does not contain a matching three-segment table.

Brand and channel chronology

FY2021 — acquisition-year, three-brand map. BOQ presented the BOQ, VMA and ME Bank retail propositions alongside BOQ Business and specialist businesses. It reported 103 Owner-Managed Branches within 163 branches. VMA’s phase-1 digital-bank launch was described as completed, whereas later VMA functionality, BOQ retail phase 1 and the BOQ/ME migration were still future or in-progress items. This distinction is material: the report did not state that the Group had completed a common digital core across all three brands in FY21.

FY2022 — legal integration and multi-channel Retail Banking. The reported customer network was 111 owner-managed and 36 corporate branches, plus intermediaries, ATMs, call-centre, digital and mobile-mortgage channels. ME’s ADI transfer occurred during the year, but BOQ continued to describe a BOQ/VMA/ME multi-brand proposition. Digital-platform evidence is also staged: BOQ transaction and savings products were launched in March 2022, while ME-platform addition was reported as expected next year.

FY2023 — segment record, limited new brand disclosure. The FY2023 annual report establishes the three management segments and owner-managed commission expense, but does not provide a directly comparable annual branch count or a separate balance/profit figure for each brand. The factual record therefore retains the stated Retail Banking/BOQbusiness/Other results rather than allocating Retail segment performance between BOQ, VMA and ME.

FY2024 — distribution redesign and VMA transition. Retail’s distribution disclosure separates 123 Owner Managed branches (including nine transaction/service centres) from 17 corporate branches. The announced conversion of Owner Managed branches was prospective at FY24 year end. Separately, BOQ reported that VMA paused new-customer acquisition in September 2023 while it transitioned to the digital housing platform; the FY24 staff/friends/family digital-mortgage release was an internal foundation release, not a market launch.

FY2025 — completed branch conversion and differentiated digital propositions. BOQ reported the conversion completed on 1 March 2025, with 602 employees joining BOQ, while noting that nine transaction/service centres were outside that conversion statement. Its current description separates Virgin Money, ME and MyBOQ digital propositions from BOQ, BOQ Specialist and BOQ Finance relationship/specialist propositions. The FY25 digital-mortgage record is channel-specific: it was piloted with mobile bankers and an aggregator, and mortgages were launched across mobile-banker channels for Virgin Money and ME. The report does not state that every customer, brand product or legacy system had migrated.

Explicitly not separately disclosed in this five-year record

• the annual reports do not provide a consistent five-year, brand-by-brand income, asset, deposit or loan table for BOQ, VMA/Virgin Money and ME. Retail segment results must not be treated as a VMA or ME result.
• the FY23 annual report does not preserve a new numerical branch-network count or separate brand-level performance table.
• Owner Managed branch counts, branch-conversion employee count and digital-channel descriptions are operational/distribution measures; they are not legal-entity ownership registers.
• BOQ’s reports identify brands and specialist propositions, but the public report should not infer customer profitability, market share or product availability beyond the stated annual-report descriptions.

Sources

• Bank of Queensland Limited 2021 Annual Report — FY ended 31 August 2021; printed pp. 12 and 16–19; Note 2.5, pp. 126–127.
• Bank of Queensland Limited 2022 Annual Report — FY ended 31 August 2022; printed pp. 12 and 16–19; Note 2.5, pp. 123–124.
• Bank of Queensland Limited 2023 Annual Report — FY ended 31 August 2023; printed pp. 6–12 and 18–29; Note 2.5, pp. 144–145.
• Bank of Queensland Limited 2024 Annual Report — FY ended 31 August 2024; printed pp. 6–12 and 17–30; Note 2.5, pp. 166–167.
• Bank of Queensland Limited 2025 Annual Report — FY ended 31 August 2025; printed pp. 4–12; Note 2.5, pp. 144–145.

This section records the ME Bank transaction and subsequent integration only as BOQ described them in its FY2021–FY2025 annual reports. ME Bank is kept distinct from the separately reported BOQ and Virgin Money Australia (VMA) brands. A product, balance, migration or digital-platform statement about ME is not treated as a statement about every BOQ or VMA customer.

The dates below are operating or legal-event dates where disclosed; an annual-report publication date is not substituted for one. Amounts are AUD. Cash earnings, statutory profit, accounting asset values and APRA capital measures are not interchangeable.

BOQ’s FY2021 report presented the acquisition accounting as provisional. The FY2022 annual report says the Group finalised matters affecting that accounting in FY2022. The two reports therefore must not be collapsed into a single unqualified FY2021 number.

The FY22 report attributes the finalisation adjustments primarily to the SaaS accounting-policy change, software-intangible write-offs, and revised deferred-tax-consolidation outcomes. It separately says the $82m goodwill represented the fair value of expected future synergies. Neither description establishes that the expected synergies had been realised.

FY2021: plans and activities must remain separated

BOQ reported the following FY2021 activities completed or in progress: customer-operation continuity, integration workstream planning, operating-model and leadership changes, strategic-sourcing work, technology-roadmap refinement and a defined path to ADI-licence handback. It also reported integration and transaction costs in statutory adjustments.

The report separately set out forward-looking expectations: total pre-tax integration expenditure of $130m–$140m, with most expected in the first two years; additional FY22 expenditure of $70m–$80m; FY22 accelerated cost-synergy expectations of $30m–$34m; and a further $70m–$80m of cost synergies expected in FY23, with possible FY24 upside dependent on technology integration. These are FY2021 management expectations, not delivered-outcome figures.

FY2022: legal consolidation and retail-platform work

After the 28 February 2022 ADI transfer, BOQ’s FY22 income-statement comparatives and legal/entity presentation retained explicit ME boundary qualifications. FY22 disclosed that transaction accounts, savings accounts and credit cards had been delivered to VMA in March 2021 and to new BOQ retail-bank customers in March 2022; the report said those foundations were being leveraged for ME retail customers, with delivery expected in mid-FY2023. It also said the multi-brand lending-origination platform was on track for FY2024 delivery. Both are plan/status statements at FY22, not evidence of later completion.

For the ME housing portfolio, BOQ reported $1.1bn FY22 growth, 65% higher settlement volumes, and an improvement in ME mortgage NPS to +1 from -14 in August 2021. The report attributed portfolio growth to mortgage-simplification and integration activities involving broker/customer experience, processes, policies, customer maintenance and retention.

FY2023–FY2025: closure of the named programme, then heritage-platform migration

FY23 distinguishes the final year of the named integration programme from continuing retail-platform work. The FY23 report disclosed $57m after-tax ME-integration costs and a $200m Retail Banking CGU goodwill impairment. Its intangible-assets note shows that, when the ME ADI licence was surrendered in FY22, ME Bank intangible assets transferred to the Bank: $82m goodwill, $56m customer-related intangibles/brands, $52m computer software and $36m assets under construction. These transferred amounts are not an FY23 acquisition and should not be added to the Group consolidated total without applying the note’s stated Group/Bank boundary.

FY24 records the named ME integration programme as closed in FY23. At the same time, it reports an initial cohort of ME deposit customers migrated to the digital bank; the majority of ME deposit customers were expected to migrate during calendar 2025 and the Group planned to begin decommissioning the legacy ME system in calendar 2026. The FY24 digital-mortgage release was limited to the initial product and an August 2024 first origination/pilot, with customer rollout still stated as a FY25 step.

FY25 provides the later disclosed migration status: the majority of ME deposit-only customers had migrated and ME home-loan migration had begun. BOQ expressly described mortgage migration as continuing through calendar 2026. This is a reported staged transition, not a statement that the ME portfolio had already ceased to use heritage systems at 31 August 2025.

• The reviewed FY2023–FY2025 disclosures do not separately present a standalone ME acquisition consideration, a standalone ME goodwill balance, or an ME-only goodwill impairment. The record therefore does not derive any such amount from Group or Retail Bank figures.
• The FY2024 report’s VMA new-customer-acquisition pause and its digital-mortgage pilot are not treated as ME events unless the report expressly identifies ME. VMA and ME remain separate brand/distribution references in BOQ’s disclosures.
• The FY2025 report describes a started ME mortgage migration and a calendar-2026 migration period. It does not support a claim that all ME loans, systems or customers had migrated by 31 August 2025.
• This section uses only BOQ annual-report disclosures and official issuer links.

Sources

• Bank of Queensland Limited 2021 Annual Report — FY ended 31 August 2021; printed pp. 15–19 and Note 4.1, pp. 166–172.
• Bank of Queensland Limited 2022 Annual Report — FY ended 31 August 2022; printed pp. 16–19 and Note 4.1, pp. 161–166.
• Bank of Queensland Limited 2023 Annual Report — FY ended 31 August 2023; printed pp. 6–12 and 24–27; Note 4.1, pp. 182–193.
• Bank of Queensland Limited 2024 Annual Report — FY ended 31 August 2024; printed pp. 17–30 and Note 4.1, pp. 204–212.
• Bank of Queensland Limited 2025 Annual Report — FY ended 31 August 2025; printed pp. 5–12 and Note 4.1, pp. 182–192.

This record follows the Bank of Queensland Limited Group for financial years ended 31 August 2021–2025. It deliberately retains the separate meanings used in BOQ's reports:

• Gross loans and advances / GLA are the management lending-table balances. The tables deduct unearned finance-lease income where BOQ says they do; they are not automatically the same as a statutory accounting-note balance.
• Net loans and advances are the management gross-loan measure less the reported impairment-provision balance. They are not an exposure-at-default (EAD) measure.
• Housing including APS 120 qualifying securitisation includes BOQ's capital-relief qualifying securitisation row. The on-balance-sheet housing row and the qualifying-securitisation row must not be substituted for one another.
• Retail Bank and BOQ Business metrics are segment-management measures. Their customer deposits and GLA do not form a substitute consolidated balance sheet; Treasury-managed balances can be allocated to Other.
• The five supplied annual reports do not provide a like-for-like five-year EAD or undrawn-commitments series. No EAD, commitment, state or geographic series is constructed here from gross loans. Where BOQ disclosed a concentration table, its stated credit-exposure basis is named separately.

Reading the table. FY2021 was an acquisition-boundary year: BOQ reported BOQ-only gross/net loans of $50.589bn/$50.276bn and consolidated gross/net loans including ME of $75.748bn/$75.437bn. The FY2021 consolidated housing balance is $59.053bn, while later reports separately present qualifying securitisation. FY2025's management table gives $52.052bn housing plus $5.449bn qualifying securitisation ($57.501bn combined); the statutory note uses a different classification set, including residential property loans of $57.501bn, commercial loans of $13.061bn, asset finance/leasing of $7.223bn, personal loans of $49m, overdrafts of $153m and credit cards of $123m before unearned finance-lease income and provisions. These figures should not be mixed into one calculated series.

BOQ reported that ME Bank joined the Group in July 2021 and operated as a separate brand in FY2021. Its three retail brands were BOQ, Virgin Money Australia (VMA) and ME Bank. BOQ's business franchise covered small business, agribusiness, corporate banking, property finance, healthcare and retirement, tourism/leisure/hospitality, BOQ Finance asset finance/leasing, and BOQ Specialist for medical, dental and veterinary professionals.

At 31 August 2021, BOQ-only gross loans and advances were $50.589bn and net loans $50.276bn. The consolidated amounts including ME were $75.748bn and $75.437bn. BOQ-only housing was $34.101bn including APS 120 qualifying securitisation; consolidated housing was $59.053bn. BOQ-only commercial lending was $9.879bn, asset finance $6.457bn and consumer lending $152m. BOQ noted that BOQ Specialist consumer products had been reclassified to commercial lending and that comparatives were restated accordingly.

BOQ reported that its ex-ME housing portfolio increased by $2.9bn (9%), with settlement volumes up 55%; it described this as 1.7 times system growth under its stated APRA-statistics comparison. VMA's portfolio grew $1.0bn (32%) to more than $4.3bn, and BOQ Specialist housing grew $0.5bn (9%). BOQ Blue housing rose $1.4bn; the broker channel contributed $1.1bn (36%) and the branch portfolio added $0.4bn, described as its first full-year growth since FY2014. The consolidated housing portfolio rose $2.4bn (4%), while ME housing fell $0.5bn in its two months within the Group.

Commercial lending in BOQ-only reporting grew $0.4bn (4%): BOQ commercial added $0.2bn (4%) and BOQ Specialist commercial $0.2bn (7%). Asset finance added $0.2bn (3%), led by BOQ Finance equipment finance in transport, agriculture and healthcare, partly offset by contraction in BOQ Specialist dentistry.

FY2021 disclosed industry credit-exposure table

The exposure-table total is $75.244bn rather than the $75.748bn gross-loans figure. BOQ attributed the difference to unearned income and other credit balances. It is therefore a credit-exposure concentration table, not a replacement balance-sheet lending total.

On 28 February 2022 ME Bank surrendered its ADI licence and its assets, liabilities and reserves transferred to BOQ. BOQ stated that FY2022 Bank results included a full year of ME results from 1 September 2021, while prior-year Bank comparatives differed from the Group acquisition-period presentation.

The 31 August 2022 management lending table reported housing of $63.444bn, comprising $57.277bn on-balance-sheet housing and $6.167bn APS 120 qualifying securitisation; commercial lending was $10.943bn, asset finance $6.553bn and consumer lending $310m. Its $81.250bn total was described as gross loans and advances after the stated treatment of unearned finance-lease income.

BOQ reported housing-portfolio growth of $4.4bn (7%) and settlement-volume growth of 30%. Ex-ME BOQ home lending rose $3.3bn (10%), described by BOQ as 1.4 times system under its APRA Monthly Banking Statistics convention; ME home lending grew $1.1bn after a $1.4bn contraction in FY2021. The report linked ME's return to growth to mortgage simplification and integration activities. BOQ Blue housing rose $1.5bn (6%): broker-channel contribution was $1.1bn as settlements increased 14%, while the branch portfolio rose $0.4bn (2%).

Commercial lending increased $1.1bn (11%) on BOQ's stated comparison. BOQ described a dedicated SME business unit and reported policy simplification, banker/branch capability work, product-feature enhancement and business-lending process transformation. Those are operating actions, not separately quantified volume or credit outcomes.

BOQ reported $81.135bn of gross loans and advances, $0.1bn lower than FY2022 on its stated comparison. It said an interim decision prioritised economic return over housing-volume growth, while growth focus remained in higher-returning commercial lending and asset finance. Housing including qualifying securitisation was $62.738bn (down 1%); commercial lending was $11.160bn (up 2%); asset finance $6.963bn (up 6%); consumer lending $274m (down 12%).

The FY2023 table also reported the following intra-year balances (all $m):

BOQ attributed $410m (6%) asset-finance growth to core equipment finance, structured finance and dealer finance as supply-chain conditions eased. It attributed $208m (2%) commercial-and-other lending growth to agriculture, healthcare and owner-occupied commercial-property lending across diversified businesses.

Its climate-strategy credit-exposure table reported $62.738bn (77.8%) in residential mortgages, $6.887bn (8.5%) in property and construction, and $2.763bn (3.4%) in healthcare. BOQ described more than 78% of lending as concentrated in residential mortgages and other lower-emitting sectors, with minimal exposure to high-emitting sectors. This is BOQ's stated classification and exposure-table basis, not an independent emissions conclusion or a complete loan-product reconciliation.

At 31 August 2024, Group gross loans and advances were $80.479bn, down $656m (1%) from FY2023; net loans were $80.163bn after $316m provisions. The Group table reported $55.251bn housing, $6.543bn APS 120 qualifying housing securitisation, $11.578bn commercial lending, $6.868bn asset finance and $239m consumer lending. On the row-specific reported basis, housing was down 3%, combined housing including qualifying securitisation was down 2%, commercial lending rose 4%, asset finance fell 1% and consumer lending fell 13%.

Retail Bank GLA was $54.765bn, including $54.618bn housing. Its housing portfolio contracted $1.1bn (2%). BOQ said ME grew in variable-rate owner-occupied lending with low LVRs, BOQ's portfolio stabilised, and VMA contracted after new-customer acquisition was paused in September 2023 for transition to the digital housing platform. BOQ described a foundation digital-mortgage release to staff, friends and family in 2H24; it expressly presented market-launch readiness as the next step, not as a completed market launch.

BOQ Business GLA was $25.714bn: $7.176bn housing, $11.670bn commercial and other lending, and $6.868bn asset finance. Commercial/other lending rose $419m (4%), which BOQ attributed to healthcare and owner-occupied commercial-property lending. It reported that ten specialist roles commenced during 2024 for health, professional-services and agriculture growth corridors; specialist capabilities named included equipment finance, insurance-premium funding, dealer finance and novated leasing.

On 21 December 2023, BOQ entered an agreement to sell New Zealand commercial loans and finance/operating leases held by BOQ Finance (NZ) Limited and the New Zealand branch of BOQ Equipment Finance Limited. The sale completed on 31 March 2024. BOQ reported derecognition of the assets and an after-tax loss of $21.7m including transaction costs. Asset finance fell 1%; BOQ separately stated that the sale had a $207m balance impact and that, excluding it, underlying asset finance grew $112m (2%), supported by structured finance and dealer finance and partly offset by non-core run-off. BOQ also retained a contractual purchaser-claims amount after completion: 25% of purchase price initially, reducing to 15% during a 15-month period. These retention terms are not a lending balance and do not change the completion status of the sale.

FY2025 gross loans and advances were $77.860bn and net loans $77.553bn after $307m provisions. The management lending table reported $52.052bn housing, $5.449bn APS 120 qualifying securitisation housing, $13.176bn commercial lending, $7.011bn asset finance and $172m consumer lending. BOQ reported GLA down $2.6bn (3%) year on year: housing down $4.3bn (7%) and commercial lending up $1.6bn (14%). It stated that the housing approach prioritised economic return over volume.

Retail Bank GLA was $51.623bn and its housing balance $51.539bn, both below FY2024 on the stated segment basis. BOQ Business GLA was $26.237bn; commercial and other lending was $13.264bn (up 14%) and asset finance $7.011bn (up 2%). The differences between the Group management table and the segment tables reflect their respective segment and classification bases and should not be used to calculate an unreported residual.

BOQ attributed commercial growth to healthcare, agribusiness and well-secured commercial-property lending. It reported asset-finance growth of $143m, supported by equipment finance and structured finance. Cash-flow finance contracted $94m and was placed in run-off in 2H25. On 28 August 2025 BOQ announced that it was exploring a whole-of-loan sale/forward-flow capital partnership for up to $3.8bn of equipment-finance portfolio. The financial report stated that at 31 August 2025 the proposal did not meet AASB 5 held-for-sale criteria and that the portfolio remained in loans and advances at amortised cost; it was subject to terms and Board approval, not a completed sale.

In FY2025 BOQ piloted a digital mortgage with mobile bankers and an aggregator. It reported mortgages on the digital bank launched across mobile-banker channels for Virgin Money and ME, with automated title-search and valuation capabilities. This is reported pilot/launch scope, not evidence that every BOQ legacy mortgage or distribution channel had migrated.

the annual reports provide two numerical industry concentration snapshots: the FY2021 $75.244bn credit-exposure table and FY2023's climate-strategy exposure table. They indicate a large residential-mortgage share on their respective stated exposure bases, but do not supply a reconciled five-year industry series. The FY2022 annual report shows that gross-loan geographic/industry concentration tables existed but does not safely retain every row. FY2024 and FY2025 annual reports contain sector-specific narrative for healthcare, professional services, agriculture, commercial property, construction, transport and equipment finance, but not an equivalent full concentration table. Accordingly, no invented five-year sector, Australian-state or geographic concentration series is presented.

the annual-report disclosures likewise do not retain a reliable five-year undrawn commitment or EAD series. Gross loans/advances, net loans, accounting loan classes, management credit-exposure tables and segment balances are labelled separately throughout this section; none should be relabelled as commitments or EAD.

Sources

• Bank of Queensland Limited 2021 Annual Report — FY ended 31 August 2021; printed pp. 20–39; Note 3.3, pp. 132–140.
• Bank of Queensland Limited 2022 Annual Report — FY ended 31 August 2022; printed pp. 20–38; Note 3.3, pp. 128–137.
• Bank of Queensland Limited 2023 Annual Report — FY ended 31 August 2023; printed pp. 52–71; Note 3.3, pp. 150–158.
• Bank of Queensland Limited 2024 Annual Report — FY ended 31 August 2024; printed pp. 81–97; Note 3.3, pp. 172–180.
• Bank of Queensland Limited 2025 Annual Report — FY ended 31 August 2025; printed pp. 69–83; Note 3.3, pp. 150–158.

All years are the BOQ Group years ended 31 August and dollar figures are AUD unless another currency is explicitly shown. This section maintains four separate measurement lanes:

1. Management customer deposits and the related deposit-to-loan ratio are BOQ operating/funding measures, not the statutory Deposits balance-sheet line.
2. Statutory consolidated deposits are audited balance-sheet-note measures and can include deposits from financial institutions. They must not be substituted for the management customer-deposit figure.
3. Liquidity assets, LCR and NSFR are prudential liquidity measures. A ratio, its numerator portfolio, an issued debt balance and a facility draw are not interchangeable.
4. Wholesale funding liabilities (including securitisation, covered bonds, EMTN/ECP, TFF, senior/subordinated debt and capital notes) have distinct ranking, collateral, currency and maturity characteristics.

FY2021 — ME Bank acquisition changes the funding perimeter

• BOQ-only customer deposits were $38.032bn, while Group customer deposits were $56.469bn. BOQ reports a 75% deposit-to-loan ratio both on its BOQ-only and including-ME presentation.
  Source: BOQ FY2021 Annual Report, Customer deposits, p.35.
• The reported BOQ-only deposit mix was term $14.678bn, savings/investment $15.643bn, transaction $4.409bn and mortgage offsets $3.302bn. Including ME Bank, respective categories were $21.991bn, $24.293bn, $5.377bn and $4.808bn. The mortgage-offset treatment is a product/funding presentation and should not be added to home loans as a separate asset.
  Source: FY2021, Customer deposits, p.35.
• BOQ-only savings/investment deposits rose $2.3bn / 17%; transaction and offset balances rose $0.8bn and $0.5bn; term deposits decreased $0.3bn / 2%. ME Bank added $18.4bn of customer deposits.
• BOQ’s FY21 operating narrative says customer deposits grew $3.3bn / 9% and that, excluding ME, loan growth was funded by stable funding sources. It reported the BOQ-only deposit-to-loan ratio moving from 74% at 1H21 to 75% at FY21.
• ME Bank’s own reported funding mix was $28.3bn: $18.4bn customer deposits, $5.9bn long-term wholesale and $4.0bn short-term wholesale. Its long-term wholesale amount included $4.6bn securitisation, $0.9bn TFF and $0.4bn senior unsecured debt. These are ME acquisition-period reported components, not BOQ stand-alone figures.

FY2022 — deposit growth, CLF reduction and liquidity-portfolio transition

• Management customer deposits were $60.489bn, an increase of $4.020bn / 7% on the stated FY21 management comparator. Reported category balances were transaction $6.400bn, term $25.056bn, savings/investment $23.283bn and mortgage offsets $5.750bn; reported deposit-to-loan ratio was 74%.
• BOQ reported transaction accounts up 19%, offsets up 20%, term deposits up 14%, and savings/investment accounts down 4% year-on-year. The NIM disclosure separately described $2.5bn term-deposit growth offset partly by a $0.7bn reduction in lower-margin at-call savings balances. This is BOQ’s rate/mix narrative, not a modelled causal attribution.
• Contractual cash-flow disclosure at FY22 listed statutory deposits carrying amount $70.684bn and contractual cash flows $71.128bn: at call $37.576bn, within three months $15.233bn, three-to-12 months $17.044bn, and one-to-five years $1.275bn. Contractual cash flows exceed carrying value under the issuer’s cash-flow/interest convention.
• BOQ reported a Level 2 LCR of 139% at 31 August 2022 and a half-year average of 137%. Its narrative attributes the movement from 1H22 to a $1.2bn reduction in the Committed Liquidity Facility (CLF), $679m increase in net cash outflows, and $1.4bn increase in HQLA1; this is a regulatory-liquidity explanation, not a loan/deposit balance reconciliation.
• Level 2 NSFR was 125% at 31 August 2022, down two percentage points from 1H22. BOQ said CLF reduction affected the ratio through residential-mortgage growth, while stable-funding growth offset that impact.

FY2023 — deposit growth and TFF refinancing sequence

• BOQ reported customer deposits of $66.964bn, up $6.1bn / 10% on FY22; deposit-to-loan ratio was 83%. The management table showed transaction accounts $5.441bn, term deposits $25.869bn, savings/investment $30.162bn, a separately presented other customer-deposit category $5.492bn, and customer-deposit total $66.964bn.
• The statutory deposits note reported at-call deposits $38.351bn, term deposits $33.036bn, certificates of deposit $5.113bn and total deposits $76.500bn. Its concentration presentation identified $66.964bn customer deposits and $9.536bn wholesale deposits.
• For comparability, BOQ said $2.5bn of FY22 term deposits was reclassified to at-call deposits, and $414m of FY22 wholesale deposits to customer deposits, to align underlying product characteristics. The reclassification must remain attached to any FY22–FY23 category trend.
• LCR was 154% at 31 August 2023 and Level 2 NSFR 128%, respectively 11 and two percentage points above 28 February 2023 on the stated reporting basis.
• BOQ stated $1.2bn of TFF matured in FY23 and $1.8bn was scheduled to mature in FY24. The record treats TFF maturity as a debt-refinancing event, not as customer-deposit growth.

FY2024 — remaining TFF repayment and replacement issuance

• The FY24 five-year summary reported management customer deposits $67.361bn; audited statutory consolidated deposits were $76.218bn. BOQ’s reported deposit-to-loan ratio was 84%, up two percentage points over 1H24.
• Spot Level 2 LCR was 148% at 31 August 2024, up 16 percentage points from 29 February 2024; the 2H24 Level 2 average was 146%, one percentage point below 1H24. BOQ linked the spot-ratio rise to the $1bn REDS 2024-2 RMBS transaction and a resulting HQLA1 increase, with lower loans approved-not-advanced; deposit growth and a higher average LCR run-off rate were stated offsets.
• NSFR was 125% at 31 August 2024, three percentage points above 29 February 2024. BOQ attributed the change principally to higher retail/SME deposits and wholesale funding.
• In June 2024 BOQ repaid the remaining $1.1bn TFF. Its stated funding actions also included an April $900m five-year domestic senior-unsecured issue, May EUR600m five-year covered bond and August $1bn capital-relief REDS RMBS transaction. Each is a separate debt/security product and currency/basis must be preserved.

FY2025 — smaller deposits, continued funding diversification

• Management customer deposits were $66.729bn, down $0.632bn / 1% on FY24; statutory consolidated deposits were $75.677bn, versus $76.218bn. BOQ separately reported a management funding mix of customer deposits $66.7bn, short-term wholesale $9.9bn, long-term wholesale $16.3bn, total $92.9bn.
• The customer-deposit narrative identified a $1.4bn / 4% FY24-to-FY25 contraction and a $1.5bn / 11% term-deposit reduction as BOQ optimised funding requirements. The Group nevertheless reported a deposit-to-loan ratio of 86%.
• FY25 LCR disclosures have multiple bases: Level 2 quarterly average 142.9%, half-year average 142.1%, and spot 139.5%; spot NSFR was 124.2%. These should not be averaged or treated as the same time convention.
• BOQ’s reported management framework said both LCR and NSFR were managed daily with a buffer above APRA’s 100% minimum, informed by liquidity stress testing, policy settings and risk appetite.

TFF terms and collateral boundary

• BOQ describes the RBA’s Term Funding Facility as three-year funding to ADIs through repurchase transactions. The FY21/FY22 note says it was initially priced at 25bp, with new borrowings from 4 November 2020 at 10bp, and recorded as borrowings; eligible securities were pledged as collateral.
• At 31 August 2021 BOQ reported Group self-securitised RMBS pledged collateral of $3.7bn (Bank-only $2.7bn). This is pledged collateral: it is not an unencumbered HQLA amount, loan sale or a separately available funding facility.

Covered bonds

• BOQ says covered bonds are issued for funding and liquidity purposes to external investors. Housing loans are assigned to a bankruptcy-remote structured entity as security; holders have dual recourse to BOQ and the cover pool, and BOQ is required to maintain the cover pool sufficient for the stated obligations.
• The housing loans continue in loans and advances and the issued covered bonds continue in borrowings on Group/Bank balance sheets under the reported accounting treatment. This is not a derecognition or loan-sale assertion.
• The annual record identifies annual issuance events: EUR600m and $200m domestic increase in FY22; $900m covered bonds in FY23 new-funding roll-forward; EUR600m five-year covered bond in FY24; and EUR600m soft-bullet covered bond in June FY25. Each event remains tied to the reported currency/product/maturity rather than a composite annual total.

Securitisation

• BOQ describes its programmes as REDS RMBS, REDS EHP (hire purchase, chattel mortgages and finance leases), Impala, MHP (medical equipment via BOQ Specialist) and SMHL structures. The Group packages originated loans/advances through vehicles that issue debt securities to investors.
• Securitised loans remain recognised in loans and advances and related securitisation liabilities in borrowings; the loans are pledged to secure securities issued by the trusts. BOQ says it does not guarantee principal/interest to investors or intend to support investor losses. This description must not be shortened into an unsupported claim that BOQ has no exposure to the structures.
• FY21 issued c.$784m under REDS EHP; FY24’s $1bn REDS 2024-2 RMBS both provided capital relief and was cited in the LCR narrative; FY25 reported clean-up calls for Impala Trust No.1 Sub-Series 2 (10 September 2024), SMHL Series 2018-2 (28 October 2024) and Series 2022-1 REDS MHP Trust (10 July 2025). Clean-up calls are trust events, not necessarily originations or portfolio sales.

• BOQ describes liquidity-risk management as a stable customer-deposit base, diversified wholesale-market access and disciplined maturity-profile management. Its stated controls include daily LCR/NSFR monitoring, liquidity buffers, short-term funding capacity, internal limits beyond regulatory requirements, stress testing/scenario analysis, actual/forecast cash-flow monitoring and maturity matching.
• BOQ states APRA’s minimum LCR and NSFR are 100%. This is a threshold, not a representation that the Group will always be above it or that any individual funding instrument is liquid.

Sources

• Bank of Queensland Limited 2021 Annual Report — FY ended 31 August 2021; printed pp. 40–43; Notes 3.4 and 3.6, pp. 141–158.
• Bank of Queensland Limited 2022 Annual Report — FY ended 31 August 2022; printed pp. 39–42; Notes 3.4 and 3.6, pp. 138–158.
• Bank of Queensland Limited 2023 Annual Report — FY ended 31 August 2023; printed pp. 72–75; Notes 3.4 and 3.6, pp. 159–179.
• Bank of Queensland Limited 2024 Annual Report — FY ended 31 August 2024; printed pp. 98–101; Notes 3.4 and 3.6, pp. 181–201.
• Bank of Queensland Limited 2025 Annual Report — FY ended 31 August 2025; printed pp. 84–90; Notes 3.4 and 3.6, pp. 159–179.

Scope and comparability

This section records BOQ's reported credit-quality, impairment and expected-credit-loss (ECL) disclosures for the five Group financial years ended 31 August 2021–2025. It does not assess the adequacy of provisions, predict losses or make a lending or investment recommendation.

Several boundaries need to remain visible when reading the five-year series. FY2021 contains both BOQ-only measures and measures including the two-month contribution from the ME Bank acquisition; the latter are not interchangeable with BOQ-only measures. BOQ's FY2023 arrears series was revised to include impaired accounts, with prior periods restated in that table; stated acquisition-date fair-value adjustments for ME Bank are excluded. The report also distinguishes an accounting provision from the former economic-and-regulatory-capital-loss reserve (ERCL), which is not an accounting impairment provision.

Five-year record: impairment flow and closing credit-quality measures

The stock measures and period impairment flows above serve different purposes. For example, FY2023's $71m impairment expense is an income-period measure, while the $332m total provision is a closing balance; neither should be presented as the other.

Annual record and ECL / credit-risk methodology changes

FY2021 — COVID overlay release and ME acquisition boundary

BOQ reported a FY2021 loan-impairment credit of $20m on a BOQ-only basis, or $21m including ME Bank. The Group described the result as a collective-provision release. On the BOQ-only presentation, collective provision fell $69m, including a $75m release in the third quarter, to $206m; specific provisions increased $13m to $107m. BOQ attributed the collective release to an improved outlook and collateral-data quality, while noting that the FY2020 collective overlay had been $133m for potential COVID effects. These were BOQ's reported model and economic judgements, not a finding that the underlying portfolio carried no credit risk.

At 31 August 2021 BOQ-only impaired assets were $209m (41bp of GLA), with 30-DPD arrears of $516m and 90-DPD arrears of $321m (63bp of GLA). The including-ME presentation reported impaired assets of $243m and 90-DPD arrears of $593m (78bp). The annual report expressly differentiates those boundaries, and the FY2021 figures should therefore not be joined mechanically to later Group tables.

The FY2021 BOQ-only provision-coverage disclosure recorded specific provisions as 51% of impaired assets, and total provisions plus general reserve for credit losses (GRCL) as 185% of impaired assets. Total provisions plus GRCL were 76bp of GLA, compared with 98bp in FY2020. GRCL was a regulatory-capital concept; it is not an additional accounting provision.

FY2022 — ME provisioning and updated forward-looking inputs

FY2022 loan-impairment expense was $13m, or 2bp of GLA, compared with a pro-forma FY2021 credit of $29m / 4bp credit in BOQ's FY2022 comparison. BOQ said the FY2022 collective-provision expense included the establishment and seasoning of provisions for ME loans that had been recognised at fair value on acquisition. It separately reported nil specific-provision expense, partly reflecting write-backs and property/economic conditions. The disclosure does not support treating a nil specific expense as an absence of credit risk.

At year end, specific provisions were $78m, collective provisions $217m and total provisions $295m. ERCL was $58m. BOQ reported impaired assets of $153m, 30-DPD arrears of $827m (1.02% of GLA) and 90-DPD arrears of $444m (0.55%). Its total provision-and-ERCL-to-GLA measure was 47bp, while specific provisions represented 51% of impaired assets and total provisions plus ERCL represented 247% of impaired assets.

For forward-looking ECL inputs, BOQ reported updating forecasts for higher inflation, cash-rate expectations and forecast conditions. It also referred to severe-scenario weighting, portfolio quality and property-price factors. These were inputs to the ECL calculation, not realised loss outcomes. The same report said its disclosure suite included maximum-exposure, credit-quality, geographic/industry concentration, forward-looking and staging information; the supplied annual reports do not preserve a complete, internally reconcilable all-stage numeric register for public reproduction.

FY2023 — collective-provision increase and arrears-series revision

FY2023 loan-impairment expense was $71m, or 9bp of gross loans and advances, versus $13m / 2bp in FY2022. BOQ attributed most of the increase to a $54m collective-provision increase associated with cost-of-living pressure, higher interest rates and house-price declines from 2022 peaks. Specific-provision expense was $17m and was described as arising mainly from a small number of large exposures, partly offset by recoveries. These are issuer attributions and do not identify a general realised-loss rate for every portfolio.

At 31 August 2023, total provisions were $332m: $61m specific and $271m collective. BOQ reported specific provisions equivalent to 54% of impaired assets and an expected-credit-loss rate of 74bp, compared with 51% and 66bp respectively in the FY2022 table. The reported total portfolio balance in the arrears table was $81.135bn, with 30-DPD balances of $1.262bn (1.55%) and 90-DPD balances of $736m (0.91%).

The FY2023 report is particularly important for time-series handling: its arrears series was adjusted to include impaired accounts, and all prior periods in that table were restated. BOQ also said fair-value adjustments on the acquisition of ME Bank were excluded. A historical table must therefore use the FY2023 restated series for like-for-like arrears comparisons rather than combining it with the earlier unadjusted presentation.

The FY2023 ECL policy describes a three-stage AASB 9 framework: Stage 1 exposures have not experienced a significant increase in credit risk and use 12-month ECL; Stage 2 exposures use lifetime ECL after a significant increase in credit risk; Stage 3 exposures are credit-impaired and generally correspond to APRA default, including exposures at least 90 days past due. BOQ's forward-looking base scenario assumed that cash-rate increases would moderate inflation and that cash rates would begin reducing from 2024. That was a scenario assumption at FY2023, not a statement of subsequent rate outcomes.

FY2024 — provision reduction, ERCL removal and arrears movement

FY2024 loan-impairment expense was $20m, down from $71m in FY2023. BOQ reported a $5m collective-provision benefit and $25m specific-provision expense. The closing total provision was $316m, comprising $52m specific and $264m collective; these balances should not be substituted for the $20m expense flow.

BOQ removed ERCL during FY2024 after it became immaterial. The Group said APS 220 had removed ERCL as a regulatory requirement from 1 January 2022, but it had retained the reserve after the change because it judged accounting provisions adequate for expected losses. This is a regulatory/accounting-reserve history, not a realised credit-loss event. Its FY2024 key-metric comparison gave total provisions plus ERCL to gross loans and advances of 39bp, compared with 44bp in FY2023.

BOQ reported total 30-DPD arrears of 1.86% and total 90-DPD arrears of 1.12%, compared with 1.55% and 0.91% in FY2023. Retail 30-DPD/90-DPD were 1.94%/1.12%; commercial 1.78%/1.35%; and asset finance 1.38%/0.75%. BOQ attributed higher retail arrears to cost-of-living pressure and sustained high interest rates, and said commercial and asset-finance arrears improved in the second half while conditions remained relatively stable. These are management observations. Impaired assets were $103m and specific provisions represented 50% of impaired assets.

FY2025 — lower provision balances and portfolio-specific arrears commentary

FY2025 cash loan-impairment expense was $21m, compared with $20m in FY2024. The consolidated accounting disclosure reported total impairment provisions of $307m, comprising $48m specific provisions and $259m collective provisions; the FY2024 comparatives were $316m, $52m and $264m respectively.

The management asset-quality presentation reported 30-DPD arrears of $1.394bn, 90-DPD arrears of $815m and impaired assets of $94m, compared with $1.495bn, $899m and $103m in FY2024. It reported total provision/GLA of 39bp in both FY2025 and FY2024. BOQ said commercial 30-DPD and 90-DPD arrears rates improved by 44bp and 61bp year on year, mainly due to individual exposures resolving. It also reported higher asset-finance arrears year on year but a second-half improvement after construction/transport arrears eased and payment delays for one large customer resolved. Those statements are management's portfolio-specific explanations, not a basis to infer an outcome outside the disclosed portfolios.

FY2025 retained the AASB 9 forward-looking three-stage approach. The accounting-policy disclosure describes Stage 1 as 12-month ECL, Stage 2 as lifetime ECL following a significant increase in credit risk and Stage 3 as credit-impaired/default assets; it also includes purchased-or-originated-credit-impaired treatment. BOQ says default generally includes 90 or more days past due or an unlikeliness-to-pay condition. A stage classification and a period impairment expense are related disclosures, but they are not identical measures.

Reported concentration and stress evidence

In FY2021, BOQ disclosed an industry-exposure table with total credit-risk exposure of $75.244bn. Residential mortgages were $59.053bn (78.5%); property/construction $5.627bn (7.5%); healthcare $3.017bn (4.0%); professional services $1.453bn (1.9%); agriculture $1.232bn (1.6%); transport $843m (1.1%); manufacturing/mining $779m (1.0%); hospitality/accommodation $622m (0.8%); and other industries $2.598bn (3.5%). BOQ stated that the exposure total differed from the balance-sheet loans figure because of unearned income and other credit balances. It should not be relabelled as gross loans and advances.

In FY2022, BOQ referred to physical climate-scenario analysis completed in 2021 for residential lending and BOQ Business property/construction, and transition-scenario analysis for BOQ Business commercial and asset-finance portfolios. This disclosed analytical scope is not a measure of realised impairment or a forecast of future loss.

Section source notes

• Bank of Queensland FY2021 Annual Report — Asset Quality; Provision Coverage; BOQ and Climate Change.
• Bank of Queensland FY2022 Annual Report — 3.1 Asset quality; Loan impairment expense; Provision coverage; Arrears; Expected Credit Losses.
• Bank of Queensland FY2023 Annual Report — 3.1 Asset quality; Loan impairment expense; Provision coverage; Arrears; Loans and advances — Expected Credit Losses.
• Bank of Queensland FY2024 Annual Report — 2.1 Income statement and key metrics; 3.1 Asset quality; Provision coverage; Arrears.
• Bank of Queensland FY2025 Annual Report — 2.1 Income statement and key metrics; 2.6 Lending; 3.3 Loans and advances — ECL; Arrears.

Sources

• Bank of Queensland Limited 2021 Annual Report — FY ended 31 August 2021; printed pp. 36–39; Notes 3.3 and 3.6, pp. 132–158.
• Bank of Queensland Limited 2022 Annual Report — FY ended 31 August 2022; printed pp. 34–38; Notes 3.3 and 3.6, pp. 128–158.
• Bank of Queensland Limited 2023 Annual Report — FY ended 31 August 2023; printed pp. 68–71; Notes 3.3 and 3.6, pp. 150–179.
• Bank of Queensland Limited 2024 Annual Report — FY ended 31 August 2024; printed pp. 94–97; Notes 3.3 and 3.6, pp. 172–201.
• Bank of Queensland Limited 2025 Annual Report — FY ended 31 August 2025; printed pp. 82–83; Notes 3.3 and 3.6, pp. 150–179.

This section records the capital measures BOQ reported under APRA prudential standards. They are not a restatement of statutory Group equity or a ratio derived from the consolidated balance sheet. BOQ describes the relevant capital table as applying to APRA Level 2: the BOQ Group and subsidiary entities other than specified non-consolidated subsidiaries. The reports expressly say that this regulatory table does not directly correlate to the consolidated balance sheet.

Accordingly, the terms below retain BOQ's prudential basis:

• CET1 capital is qualifying common-equity capital after APRA regulatory adjustments, including deductions for items such as goodwill, intangibles and deferred expenditure.
• AT1 / Additional Tier 1, Tier 2, total capital and RWA are Level 2 regulatory measures. They must not be added to, or treated as a replacement for, statutory equity, borrowings or accounting goodwill.
• The ordinary-share dividend is a separate shareholder-distribution measure. The cash payout ratio is BOQ's cash-earnings measure; it is not a statutory-profit payout ratio.

FY2021–FY2022 measures were presented under the then-applicable framework. APRA's revised Basel III capital framework became effective on 1 January 2023. BOQ states that the February and August 2023 ratios reflected that framework while the earlier comparatives were not restated. The FY2022-to-FY2023 ratio movement below is therefore shown as BOQ reported it, rather than as a reconstructed like-for-like change.

All monetary amounts in this table are A$ million at each 31 August reporting date unless stated otherwise. “AT1” is BOQ's Additional Tier 1 capital. FY2021 and FY2022 show a separately presented General Reserve for Credit Losses (GRCL) within the reported Tier 2 total; FY2023 onward is reproduced using the capital-table labels reported under the revised framework.

The reported table should not be read as a statutory-equity bridge. For example, BOQ's FY2025 consolidated balance sheet reported total equity of $5,907m, whereas the APRA Level 2 capital table reported total capital of $6,093m. The two figures have different rules, perimeters and regulatory adjustments; this record does not create an unreported reconciliation between them.

FY2021 — ME Bank acquisition funding and the pre-revised-framework position

At 31 August 2021 BOQ reported a Level 2 CET1 ratio of 9.80%, total capital adequacy ratio of 12.60%, RWA of $44,229m, CET1 capital of $4,334m and total capital of $5,572m. BOQ stated that it intended to hold CET1 above its then management target range of 9.0%–9.5% while the final APRA RWA and capital-calibration effects were understood. That is a management intention at the time, not a regulatory minimum.

BOQ funded the ME Bank acquisition through a $1.35bn capital raising. The FY2021 statement of changes in equity separately records gross institutional-placement and entitlement-offer additions of $1.352bn before issue costs and other equity movements; it should not be substituted for the rounded acquisition-funding description. The same year included the issue of Capital Notes 2 on 30 November 2020: 2.6 million notes at $100 each. At year end BOQ also reported 3.5 million 2017 Capital Notes at $100 each. The reports describe both instruments as perpetual, convertible, discretionary/non-cumulative and unsecured; calls, conversion or redemption remained conditional rather than scheduled cash repayments.

FY2022 — RWA growth and the prior target range

BOQ reported FY2022 Level 2 CET1 capital of $4,370m, total capital of $6,292m and RWA of $45,669m. The CET1 ratio was 9.57%, 23 basis points below FY2021; the total capital adequacy ratio was 13.78%. The FY2022 capital table disclosed CET1 capital before regulatory adjustments of $6,339m, including ordinary share capital of $5,258m, reserves of $781m and retained/current profits of $300m. It then reported $1,969m of total CET1 regulatory adjustments, including $1,257m for goodwill and intangibles and $404m for deferred expenditure.

BOQ attributed its reported CET1 movement to the combined effect of cash earnings net of dividend, lending growth and related RWA/loan-origination costs, bond-credit-spread movements in the liquidity portfolio, digital-transformation and ME-integration investment. These are BOQ's stated capital-management drivers, not independent causal findings. The Board declared a 24 cents per share fully franked final dividend, taking FY2022 ordinary dividends to 46 cents per share; the report said the payout was slightly below the target range to balance resilience, transformation investment and growth capital.

FY2023 — revised Basel III framework, capital build and operational-risk requirement

BOQ reported FY2023 CET1 capital of $4,438m, AT1 capital of $1,110m, total capital of $6,363m and RWA of $40,680m. The corresponding ratios were CET1 10.91%, Tier 1 13.64% and total capital 15.64%. BOQ's FY2023 report states that the revised Basel III framework applied from 1 January 2023 and that FY2022 comparative ratios were not restated; the sequence therefore contains a disclosed framework break.

For the second half of FY2023, BOQ reported 36 basis points of capital generation. It identified $194m of cash earnings after tax (+47bp), the interim dividend net of DRP issuance (-25bp), an underlying RWA decrease partly offset by loan-origination costs (+20bp), strategic-roadmap investment net of amortisation (-6bp), capital-efficient securitisations (+2bp), and other movements (-2bp). BOQ also reported a $50m additional operational-risk capital requirement, which increased RWA by $625m and reduced its CET1 ratio by 16bp in the half.

FY2023 ordinary dividends were 41 cents per share, fully franked. BOQ's borrowing disclosures also record $400m of new funding in capital notes during the year; the source does not make that flow equivalent to ordinary share capital or CET1.

FY2024 — capital-instrument redemptions and lower reported ratios

At FY2024, BOQ reported Level 2 CET1 capital of $4,289m, AT1 of $660m, total Tier 1 of $4,949m, total Tier 2 of $796m, total capital of $5,745m and RWA of $40,249m. CET1 was 10.66%, down 25bp from the FY2023 reported ratio; total capital adequacy was 14.27%, down 137bp. BOQ continued to describe its normal-conditions Board CET1 target range as 10.25%–10.75%. This is a Board target, not an APRA minimum.

BOQ's 2H24 CET1 walk attributed 42bp to $171m of second-half cash earnings, while listing offsets for the interim dividend/DRP, investment spending net of amortisation, restructuring, a higher deferred-tax-asset deduction and a lower available-for-sale reserve. It separately reported a 12bp contribution from capital-relief securitisations net of run-off. Those components are a management walk and are not independently summed here.

Capital-note events were separately disclosed. Following APRA approval, BOQ redeemed $350m of AT1 Capital Notes 1 (BOQPE) without a replacement security. The FY2024 report also records the full redemption of ME Bank AT1 Capital Notes Series 2 on 5 December 2023 and Retail Capital Notes 1 on 15 August 2024, each without replacement security. These events are instrument redemptions, not ordinary-share dividends.

FY2025 — higher reported CET1 and total-capital ratios

At 31 August 2025 BOQ reported Level 2 CET1 capital of $4,391m, AT1 of $660m, total Tier 1 of $5,051m, Tier 2 of $1,042m, total capital of $6,093m and RWA of $40,140m. The reported CET1 ratio was 10.94%, 28bp above FY2024, and the total capital adequacy ratio was 15.18%, 91bp above FY2024. The stated Board target range remained 10.25%–10.75% in normal operating conditions.

The FY2025 regulatory table shows $5,908m of CET1 capital before regulatory adjustments and $1,517m of total CET1 regulatory adjustments. Its disclosed deductions include $1,031m for goodwill and intangibles and $368m for deferred expenditure. These regulatory deductions should not be read as the same measure as the FY2025 statutory balance-sheet goodwill and intangibles line of $1,043m.

The following figures are BOQ's reported fully franked ordinary dividends per share. “Cash payout” retains BOQ's cash-earnings basis. Paid cash distributions and declared final dividends can fall in different financial years, so the per-share annual dividend is not substituted for the cash-flow/equity-statement amount.

The cash amounts in the final two rows are accounting/equity-statement amounts, while cents per share and the cash payout ratio are shareholder-return/cash-earnings measures. They remain separately labelled for that reason.

Sources

• Bank of Queensland Limited 2021 Annual Report — FY ended 31 August 2021; printed pp. 43–44; Note 3.9, pp. 163–165.
• Bank of Queensland Limited 2022 Annual Report — FY ended 31 August 2022; printed pp. 43–44; Note 3.9, pp. 159–160.
• Bank of Queensland Limited 2023 Annual Report — FY ended 31 August 2023; printed pp. 76–77; Note 3.9, pp. 180–181.
• Bank of Queensland Limited 2024 Annual Report — FY ended 31 August 2024; printed pp. 102–103; Note 3.9, pp. 202–203.
• Bank of Queensland Limited 2025 Annual Report — FY ended 31 August 2025; printed pp. 84–86; Note 3.9, pp. 180–181.

Scope and evidence boundary

This section follows the technology and operating-transformation record disclosed in BOQ's FY2021–FY2025 annual reports. It keeps five things separate: a reported plan, a completed release or migration, a work-in-progress or expected milestone, an issuer-described outcome, and a cost or accounting measure. BOQ's reporting refers to BOQ, Virgin Money Australia (VMA) and ME products or customers at different stages of a multi-brand programme; a release for one brand is not treated as a completed Group-wide migration.

Amounts are Australian dollars and, unless stated otherwise, are BOQ's cash-management expense or investment-expenditure measures rather than statutory capital expenditure. The annual reports describe the technology and operating-transformation programme across BOQ, VMA and ME; this section records only the facts stated in those reports.

Five-year programme chronology

Platform, core-banking and heritage-technology record

FY2021 sets out the intended architecture. BOQ said the digital platform was to become the Retail Bank foundation across Group brands, with a roadmap covering a VMA next phase, BOQ and ME migration, an intelligent-data platform and a transition from older core services to cloud-based services. The Board's disclosed three-year technology-uplift focus included infrastructure modernisation, the cloud digital-banking platform and process automation, with security, governance and privacy named as technology/data control areas. These were programme and roadmap statements; the FY21 report did not provide a single completion date for a core-platform replacement.

In FY2022 the first reported multi-brand platform delivery was the March launch of BOQ transaction and savings products on the new platform, alongside VMA. The report described the intended end state as BOQ, VMA and ME availability on that platform. It also described the Group as about halfway through a medium-term cloud-based digital-bank programme and said benefits were expected largely when legacy systems were switched off. Accordingly, the report supports a distinction between platform releases and the later, expected economics of legacy decommissioning; it does not support claiming FY22 savings from a completed switch-off.

FY2024 documents more granular migration activity. It records commencement of ME deposit-customer migration from legacy systems to the digital platform and the build of a new internet-banking application for migrated customers. Separately, BOQ continued the transition of BOQ Specialist applications to Azure Public Cloud and migrated the ME Data Library, which the report linked to stability, performance and control-risk matters. The same investment narrative records a staff/family/friends foundation release of the digital mortgage and says market-launch readiness was the next step.

By FY2025, BOQ reported that most ME deposit-only customers had migrated, while ME home-loan migration had commenced. It described digital-mortgage delivery as phased. This is a more advanced status than FY2024's commencement disclosure but is not a disclosure that all ME customers, all ME products or all legacy systems had migrated or been retired. FY2025 also stated that data-lineage work and retirement of heritage data stores were under way within its data governance framework.

Product, channel and automation disclosures

The FY2021 card-management-system implementation added instant issuance, digital-wallet capability and self-service convenience, while the report also listed a foreign-exchange digital platform/currency-exchange capability. It did not disclose rollout or adoption metrics for those features. FY2021 further reported an August point-in-time conditional-yes measure of one day for proprietary applications and three days for broker applications. This is an operational measure at that point in time, not an annual average or a Group-wide service-level metric.

FY2022 recorded Open Banking Phases 2 and 3 compliance and a number of related technology actions: an equipment-finance platform upgrade, BOQ Specialist's legacy-data-centre transition, commencement of card-management-platform work incorporating ME, and BOQ Retail online-banking upgrades. The annual report qualitatively described strong digital transaction-account and deposit growth, but the annual-report disclosure does not contain a verified numeric customer-outcome measure; no number is reconstructed here.

In FY2024, BOQ recorded completion of major ACCC Open Banking rectification items. It also described a mobile-app accessibility audit, customer focus groups, centralised security centre, scam-safe warnings, Open Banking data sharing and Google search transaction identification. Those are reported features or activities, rather than evidence of measured customer satisfaction, fraud-loss reduction or accessibility outcome.

FY2025 reported that almost half of retail customers were on digital platforms and that a digital mortgage was piloted with mobile bankers and an aggregator. It said mortgages on the digital bank had launched across mobile-banker channels for VMA and ME, with automated title-search and valuation capabilities. The report also stated that a biometric digital-bank capability had an average 98.3% intervention rate for would-be scam/fraud onboarding. This is BOQ's reported control measure; it is not a measure of all attempted scams or of total losses avoided.

Data, cloud, AI and automation record

BOQ's FY2021 roadmap named an intelligent-data platform alongside cloud-based core services. In FY2022, the reported BOQ Specialist legacy-data-centre transition was a delivered systems action, while the broader cloud digital-bank programme remained incomplete. FY2023's refreshed strategy identified “Digitise” and “Simplify”; Program rQ and AML First were described as intended to support technology simplification and process automation as part of broader resilience, risk-culture and AML/CTF work.

FY2024's explicit data work included the ME Data Library migration and ongoing Azure transition of BOQ Specialist applications. FY2025 provides the clearest reported cloud and data measures: 91% of future-state technology assets were stored in cloud, and BOQ reported a further 72 customer/back-office processes automated. It also said it continued investing in a cloud data platform, analytics and AI, and described a Board-overseen data framework covering ownership, accountability, controls, data-lineage initiatives and retirement of heritage data stores. BOQ separately reported a Capgemini partnership to advance digitisation at scale and accelerate AI use; the cited disclosure did not state financial terms.

These disclosures record assets, programmes, controls and reported process counts. They do not provide a comparable five-year series of AI revenue, automation savings, cloud spend or productivity benefit, so none is calculated in this report.

Technology spend and accounting treatment

Technology and cyber-control disclosures

The FY2021 report described technology and data controls as including security, governance and privacy. FY2022 referred to security, application stability and technical-risk improvement objectives from programme work, while cautioning that these were management objectives rather than evidence that technology or cyber risk had been eliminated.

FY2024 provides the most detailed operating-control description in the five reports. BOQ described a dedicated cybersecurity team responsible for incident response, threat and vulnerability management, identity and access management, strategy, governance, risk management and security architecture. It said it used independent-consultant reviews and intelligence-led exercises. The report also described a centralised security centre and scam-safe warnings. These are control and capability disclosures; the annual-report record does not establish a verified breach count or absence of incidents.

FY2025's reported biometric onboarding intervention metric, data controls, AML-system data-quality work and automation measures are not evidence that cyber, fraud, data or AML/CTF risk was resolved. The risk/remediation report separately records ongoing APRA and AUSTRAC engagement and should be read as the source for regulatory-status detail rather than being treated as a technology-completion outcome.

Status register and five-year comparability notes

• Delivered releases/actions: VMA phase 1 (FY21); card-management system (FY21); BOQ transaction/savings products on the new platform (FY22); Open Banking Phases 2 and 3 compliance, equipment-finance upgrade and BOQ Specialist data-centre transition (FY22); FY24 mortgage foundation release for staff/family/friends, ME Data Library migration, and major ACCC Open Banking rectification items; FY25 reported process automation and VMA/ME mobile-banker digital-mortgage launch scope.
• Ongoing or partial work: VMA phase 2 and BOQ retail phase 1 in FY21; ME platform addition, card-platform incorporation, online-banking upgrades and cloud home-loan capability in FY22; ME deposit/home-loan migration, digital-mortgage rollout and BOQ Specialist Azure transition in FY24–FY25; retirement of heritage data stores in FY25.
• Plans, targets or management expectations: the FY21 platform roadmap and three-year technology uplift; FY22 expected multi-brand end state and FY2024 home-loan-capability timing; FY22 expectation that benefits would occur largely after legacy systems were switched off; FY21 productivity target. These are not recorded as realised outcomes.
• Cost bases differ: FY23–FY25 cash technology expense is a management operating-expense measure; FY25 investment expenditure has expensed and capitalised components; software asset carrying value is a balance-sheet measure. No five-year total or growth rate is calculated across those unlike measures.
• Technology/cyber disclosures: control designs, teams, reviews and intervention measures describe BOQ's stated capability. They do not prove no breach, no fraud, no operational disruption or regulatory closure.

Sources

• Bank of Queensland Limited 2021 Annual Report — FY ended 31 August 2021; printed pp. 16–19 and 31; Note 4.1, pp. 166–172.
• Bank of Queensland Limited 2022 Annual Report — FY ended 31 August 2022; printed pp. 16–19, 30 and 46; Note 4.1, pp. 161–166.
• Bank of Queensland Limited 2023 Annual Report — FY ended 31 August 2023; printed pp. 18–27; Note 4.1, pp. 182–193.
• Bank of Queensland Limited 2024 Annual Report — FY ended 31 August 2024; printed pp. 24–27; Note 4.1, pp. 204–212.
• Bank of Queensland Limited 2025 Annual Report — FY ended 31 August 2025; printed pp. 8–9 and 73–78; Note 4.1, pp. 182–192.

This section records the risk, regulatory, conduct, legal-claim and remediation matters disclosed by Bank of Queensland Limited (BOQ) in its five Group annual reports for the years ended 31 August 2021–2025. It distinguishes: (i) a risk framework or review from a disclosed incident; (ii) a provision from the total possible cost of a matter; (iii) an agreed remediation action from delivery or regulator acceptance; and (iv) a regulatory engagement, investigation, sanction or enforceable undertaking from an allegation or a final outcome. References to risk, possible enforcement, litigation or customer impact retain BOQ's stated status and do not establish liability or a later outcome.

Where an annual report does not separately disclose a monetary provision, enforcement outcome or closure, this section says so rather than filling the gap from a later report.

For FY2021, BOQ described a risk architecture with the Board, Board Risk Committee, Executive Committee, Asset and Liability Committee, Executive Credit Committee and Executive Risk Committee. The report grouped strategic, sustainability/climate, liquidity/funding, market, credit, insurance, compliance/conduct/regulatory, operational and reputational risk as managed risk classes. BOQ also stated that strategy incorporated new-risk consideration and monthly reporting to management and the Board against strategic-growth targets.

The FY2021 report described a compliance framework covering privacy and financial crime, a conduct standard, a Governance Risk and Compliance tool for obligations and controls, incident/assurance/issue management and a regulatory-change roadmap. It described those as framework and control features. They do not show that breaches, losses or customer detriment were absent.

The report identified APRA's 2021–22 programme as focused on resilience and crisis readiness, and referred to expected final bank-capital standards and climate-financial-risk guidance. This is regulatory context, not an FY2021 finding against BOQ. The COVID customer-support package was also a programme disclosure: the first package ended on 31 March 2021 and BOQ said it reintroduced a package in July 2021; the report lists available deferrals, interest-only/arrears arrangements, fee waivers and small-business support. It does not quantify uptake or loss within this risk section.

The FY2022 report described the Board-overseen Group Risk Management Framework as including business plans, Risk Management Strategy, Risk Appetite Statement, and capital and funding plans. Its compliance framework and Group policies covered managing compliance and conduct risk, including privacy and conflicts policies, obligation mapping and processes to identify, record and assess incidents for potential breaches.

BOQ expressly said that its risk culture was below what it considered best practice and that it was seeking to advance maturity in risk behaviours and architecture. It also described the Financial Accountability Regime, RG 271 Internal Dispute Resolution requirements (enforceable from October 2021), financial-crime capability work and climate-risk governance. Those disclosures record management's assessment and policy response; they are not an enforcement outcome or a remediation completion statement.

The report recorded March–April 2022 rainfall/flood events affecting operations, people, customers and communities, including inundation of Gympie and Lismore branches and access disruption near the Newstead head office. BOQ described monitoring and customer/community assistance. It did not quantify a Group loss, insurance recovery or a causal credit-loss figure for this event in the cited risk pages.

In the FY2022 contingent-liability note, BOQ said that it could be involved in litigation, that reviews of products, advice, conduct, services, interest and fees could result in remediation programmes, and that regulators including ASIC, APRA and AUSTRAC engaged with the Group and conducted reviews. It said possible fines, sanctions, enforcement and associated costs were uncertain. This is an uncertainty disclosure: the report does not identify a FY2022 court-enforceable undertaking, separate RAP provision or concluded enforcement result.

On 30 May 2023, BOQ entered voluntary court-enforceable undertakings with APRA and AUSTRAC. The APRA undertaking concerned weaknesses in risk-management practices, controls, systems, governance and risk culture; the AUSTRAC undertaking concerned the AML/CTF programme. The financial statements say APRA applied a $50m increase to the Group's operational-risk capital requirement from that date, which BOQ said reduced its Level 2 CET1 ratio by about 17 basis points. This capital adjustment is a prudential requirement, not an accounting provision and not a fine.

BOQ described two Group-wide multi-year programmes: Program rQ for the APRA remedial action plan and AML First for the AUSTRAC remedial action plan. The report says both were overseen by management and the Board. It describes Program rQ as addressing operational resilience, risk culture, governance, the risk-management framework, accountability and change; AML First as addressing AML/CTF operating-model weaknesses and gaps. The report records the undertaking requirements for remedial plans, external review/audit and accountability; it does not say the programmes had been completed in FY2023.

At 31 August 2023, the consolidated RAP provision was $45m. BOQ said that it had taken a $60m provision at HY23, while the year-end provision was subject to estimates and excluded work expected to be performed by existing resources, ongoing operating costs and improvements beyond the identified matters. It appointed Grant Thornton as external auditor for the AUSTRAC undertaking on 28 July 2023 and as independent reviewer for the APRA undertaking on 8 August 2023. BOQ reported draft remedial plans submitted to AUSTRAC on 20 September and APRA on 27 September 2023, each within the stated 120-day timetable. These dates identify submission and reviewer appointment, rather than approval, closure or regulator acceptance.

The FY2023 report says work on the plans identified further weaknesses in AML/CTF systems and controls, including reporting to AUSTRAC, and a failure to report a significant number of suspicious-matter reports in a timely manner. BOQ said it self-reported identified weaknesses to AUSTRAC and was working to address them through the draft plan. Separately, it described an ACCC Consumer Data Right/Open Banking Rectification Schedule and ASIC engagement regarding design and distribution, breach reporting, dispute resolution and effective-compensation arrangements. BOQ described possible proceedings, sanctions and costs as uncertain, rather than reporting a final enforcement outcome.

BOQ described FY2024 as its first full year of the APRA and AUSTRAC court-enforceable undertakings. It said the remedial action plans were agreed with regulators in the first half and that management, the Board and accountable executives oversaw delivery. The report describes AML First delivery areas including operating-model/governance, risk assessment and due diligence, customer identification and due diligence, transaction monitoring, regulatory reporting, and data/technology uplift.

The statutory provision register records a $36m consolidated RAP provision at 31 August 2024, compared with $45m at 31 August 2023. The movement table records a $6m additional provision, $5m discount unwinding, and $20m utilisation during FY2024. BOQ stated that the provision excluded expected existing-resource work, ongoing operating costs and improvements beyond identified matters; it also described assumptions and a possibility that further work could change scope or cost. Therefore, neither the $36m closing balance nor the $20m utilisation represents a total or final cost of the programmes.

For delivery status, BOQ reported 15 Program rQ RAP deliverables and 11 AML First RAP deliverables completed and closed during FY2024. It stated that the independent reviewer for Program rQ and external auditor for AML First continued to oversee and validate closure, and that reports would continue to APRA and AUSTRAC every four months. This is a deliverable-level progress statement, not an assertion that an enforceable undertaking was complete.

In the legal-claims and regulatory-enforcement disclosure, BOQ stated that it had identified further systems/control weaknesses, including late reporting of a significant number of suspicious-matter reports to AUSTRAC, informed relevant regulators and was undertaking further reviews that could identify more weaknesses. It referred to a BCCC investigation into deceased-estates obligations and ASIC engagement on design/distribution, breach reporting, dispute resolution, hardship and effective-compensation systems and controls. BOQ said potential further AUSTRAC/APRA enforcement, litigation, sanctions and related costs remained uncertain, and that neither regulator had indicated an intention to take such action at the report date.

BOQ's FY2025 shareholder message described Program rQ and AML First as collectively 44% complete. In the AML First programme disclosure, BOQ said more than half of its unique activities had been completed, including progress in KYC refresh, name screening, AML-system data quality and mandatory training. These are programme-progress measures. They do not amount to regulator acceptance, completion of the court-enforceable undertakings or an assurance that no further uplift will be identified.

The FY2025 financial statements record a $38m RAP provision at 31 August 2025, compared with $36m at FY2024. BOQ said cumulative recognition was $94m, including $23m recorded in FY2025, and that $56m had been utilised. It stated that the increase reflected an updated assessment of activities required to complete the programme, and reiterated that the provision excluded existing-resource work, ongoing operating costs and improvements beyond identified matters. The accounting amounts therefore cannot be read as a total cost or a completed-remediation result.

BOQ said it continued engagement with APRA and AUSTRAC and was addressing identified uplift areas and delays through root-cause analysis. The report states that it remained uncertain whether AUSTRAC or APRA would take enforcement action, but that neither regulator had indicated an intention to do so as at the report date. It also said potential liability from remediation matters could not be accurately assessed. This preserves the disclosed uncertainty; it is not evidence that enforcement will not occur.

The report separately records that the BCCC sanctioned BOQ in January 2025 for past Banking Code of Practice breaches after its deceased-estates investigation, and says the relevant obligations had been remediated. This is the specific closure wording disclosed for that BCCC matter. It must not be extended to the APRA or AUSTRAC undertakings. BOQ also said it was engaging with ASIC on systems and controls relating to design and distribution, breach reporting, dispute resolution, hardship and remediation processes, with completed activities under the action plan reviewed by an independent third party.

The FY2025 report records the AML/CTF Amendment Act 2024 receiving Royal Assent on 10 December 2024 and final Rules released on 29 August 2025. BOQ anticipated significant changes to data, systems and processes and referred to compliance by 31 March 2026. This is a future regulatory-implementation requirement, not a FY2025 completion claim. It also reported 99% mandatory compliance-learning completion for the workforce, including strengthened AML/CTF, Banking Code of Practice and Code of Conduct learning packages; course-completion is not evidence that all compliance risk was eliminated.

• Bank of Queensland FY2021 Annual Report, Managing our Risk Landscape pp. 55–56, Management of Risk p. 57, Managing the Evolving Risk Environment p. 58, and Responding to COVID-19 p. 14.
• Bank of Queensland FY2022 Annual Report, Governance and risk management pp. 53–57; BOQ Group and climate change pp. 59–61; Legal claims, remediation, compensation claims and regulatory enforcement p. 167.
• Bank of Queensland FY2023 Annual Report, Remedial Action Plans pp. 20–21, Risk management pp. 32–34, and Provisions and contingent liabilities / legal claims pp. 185–188.
• Bank of Queensland FY2024 Annual Report, Remedial Action Plans pp. 17–18, Board oversight p. 48, and Provisions and contingent liabilities / legal claims pp. 206–209.
• Bank of Queensland FY2025 Annual Report, Board oversight p. 37, Remedial Action Plans / AML First pp. 14–15, Provisions and contingent liabilities pp. 185–188, and Legal claims, remediation, compensation claims and regulatory enforcement p. 188.

Sources

• Bank of Queensland Limited 2021 Annual Report — FY ended 31 August 2021; printed pp. 55–70 and Notes 5.3–5.4, pp. 173–174.
• Bank of Queensland Limited 2022 Annual Report — FY ended 31 August 2022; printed pp. 53–66 and Notes 5.3–5.4, pp. 167–169.
• Bank of Queensland Limited 2023 Annual Report — FY ended 31 August 2023; printed pp. 32–40 and Notes 5.3–5.4, pp. 194–195.
• Bank of Queensland Limited 2024 Annual Report — FY ended 31 August 2024; printed pp. 59–66 and Notes 5.3–5.4, pp. 213–214.
• Bank of Queensland Limited 2025 Annual Report — FY ended 31 August 2025; printed pp. 47–54 and Notes 5.3–5.4, pp. 193–194.

This section separates four things that are sometimes described together in operating commentary but are not interchangeable:

1. Bank of Queensland Limited (BOQ) is the reporting parent. The statutory reporting perimeter is BOQ and its controlled entities.
2. BOQ, ME, Virgin Money Australia / Virgin Money (VMA), BOQ Specialist, BOQ Finance and MyBOQ are reported customer propositions, operating brands or platform labels. A brand name does not by itself establish the legal entity that owns a loan, deposit, licence or contractual right.
3. The annual-report controlled-entity notes are the legal-register source. They include operating subsidiaries as well as funding, covered-bond, securitisation, employee-share-plan, investment-holding and dormant entities.
4. Portfolio sales, joint arrangements and branch-distribution changes can change the Group's assets, legal structure or reported business boundary, but a proposal, a held-for-sale classification, a clean-up call and a completed disposal are distinct states.

The record below retains material changes disclosed across the five annual reports. It does not reproduce the full legal-name tables from the reports; those tables are the authoritative source for every individual controlled entity at each balance date. No entity not expressly identified in the annual reports is inferred from a brand or product name.

ME acquisition-accounting and intangible boundary

The FY2021 annual report records $35m goodwill identified on the ME acquisition, described as the fair value of expected future synergies. A FY2022 historical acquisition table separately records $82m goodwill, $57m customer-related intangibles/brands, $58m software and $33m construction assets. These are not automatically interchangeable: the annual reports do not establish a common measurement/presentation basis for the two goodwill values. The report must retain the labels and dates, rather than combine them into a single acquisition total or present expected synergies as realised benefits.

At 31 August 2025, BOQ reported statutory balance-sheet goodwill and intangibles of $1.043bn and regulatory deductions for goodwill/intangibles of $1.031bn. These are Group-wide accounting and prudential-capital measures, not a disclosed ME-only balance. FY2025 statutory profit included one-off impacts associated with strengthening/simplifying and retail-bank goodwill impairment; the annual report references a 3 October 2025 post-balance-date market announcement but does not provide a separately verified impairment amount for this section.

The annual reports describe the country of incorporation/registration as the principal place of business for the controlled-entity table. Unless an individual row says otherwise, the FY2025 material register reported entities as 100%-owned. That ownership convention should be read as the annual-report table's status, not extended to entities absent from the table.

Controlled-entity changes by annual period

FY2024 also states that the Bank and subsidiaries within the Extended Licensed Entity are subject to APS 222 restrictions, including a restriction on unlimited exposure to related entities (including general guarantees). This is a prudential related-entity boundary, not a quantified exposure figure.

• BOQ's FY2021 ME transaction is an acquisition boundary; the FY2022 ADI-licence surrender/transfer is a later legal-operating boundary. They should not be collapsed into one undated integration event.
• The operating use of the ME and Virgin Money brands continued after changes to particular ME/Virgin Money legal entities and capital instruments. Conversely, a brand disclosure must not be used to claim that any particular controlled entity remained active without the controlled-entity note.
• The legal-register population changes each year largely through funding/securitisation vehicle establishment, clean-up calls and selected deregistrations. A clean-up call, a deregistration, and a portfolio disposal are separately labelled above.
• The FY24 New Zealand portfolio disposal was completed; the FY25 equipment-finance capital partnership was only under exploration at the balance date. These are materially different states.
• The FY25 joint-arrangement table includes both balance-date carrying values and post-balance-date completion for Dalyellup. Dates and accounting basis are retained to avoid treating a later sale as an FY25 balance-date outcome.

Sources

• Bank of Queensland Limited 2021 Annual Report — FY ended 31 August 2021; printed pp. Note 5.5, pp. 175–182.
• Bank of Queensland Limited 2022 Annual Report — FY ended 31 August 2022; printed pp. Note 5.5 and joint-arrangements note, pp. 170–179.
• Bank of Queensland Limited 2023 Annual Report — FY ended 31 August 2023; printed pp. Notes 5.4–5.5, pp. 196–205.
• Bank of Queensland Limited 2024 Annual Report — FY ended 31 August 2024; printed pp. Notes 5.4–5.5, pp. 215–223.
• Bank of Queensland Limited 2025 Annual Report — FY ended 31 August 2025; printed pp. Notes 5.4–5.5, pp. 195–200.

This is a five-year record of what Bank of Queensland Limited (BOQ) disclosed in its annual-report sustainability and climate lanes for years ended 31 August. It separates operational emissions, financed-emissions estimates, carbon-neutral certification, renewable-electricity instruments, lending-policy commitments, customer/community programmes, and climate-risk governance. Those are different measures and states.

The FY2021–FY2023 annual reports point readers to separate sustainability materials; this public record uses only facts supported in the cited annual-report pages. From FY2024, the annual report incorporated a Sustainability Report and Climate Statements. FY2025 states that it is BOQ's final voluntary Climate Statements year; the Group said an annual sustainability report would be required from the year ending 31 August 2026 under the mandatory climate-related financial-disclosure framework.

No operational carbon-neutral claim below is a claim about financed emissions, portfolio alignment, or net-zero achievement. Similarly, a renewable-electricity percentage reflects the stated electricity/instrument boundary, not all energy or all value-chain emissions.

FY2025 methodology and assurance boundary

FY2025 disclosed that Scope 3 calculations used a hybrid approach: some categories use consumption amounts and others supplier-spend activity data. Its upstream-leased-assets method used site/occupancy data and, where required, NABERS base-building performance assumptions. BOQ described emissions estimation as complex and inherently uncertain as data, methods and scientific knowledge evolve. It also said it had progressed its estimate of financing-related GHG emissions, but this section does not present a financing-related value because the annual-report record here does not establish a public, comparable five-year series.

PwC's FY2025 independent limited assurance engagement covered identified subject matter, including Scope 1 270 tCO2-e, Scope 2 location-based 2,785 tCO2-e, Scope 3 operational 35,700 tCO2-e, and 100% equivalent renewable electricity. The assurance report explicitly says limited assurance is lower than reasonable assurance and relies on selective testing; it is not an audit of every sustainability or climate statement. It also did not give a conclusion on whether external providers' renewable products represented renewable electricity generated or displaced, nor on whether carbon credits resulted or would result in the corresponding tCO2-e reduction.

BOQ's renewable-electricity commitment began as a FY2021 target for FY2025. It reported 54% renewable electricity in FY2022 and 84% in FY2023. In FY2024 it said it had achieved the 100%-equivalent objective through renewable contracts, GreenPower and LGCs; FY2025 says the 100% equivalent was again met through GreenPower and purchase/surrender of LGCs. Where BOQ could not choose a site's energy supplier, the disclosures describe use of LGCs rather than direct electricity sourcing at that site.

The carbon-neutral position changed across the record. FY2021–FY2024 disclosures describe Climate Active certification / carbon-neutral operations and the use of offsets for residual operational emissions. In FY2025 BOQ said it had not sought to renew the certification beyond 2024. Its FY2025 carbon-credit table shows 2024 carbon credits used to offset emissions of 40,331 tCO2-e and a 2025 opening/closing carbon-credit bank of 1,133; it also notes restatements to align with Climate Active public disclosures. These instruments, certification and the operational-emissions inventory must not be represented as evidence of a Group-wide or lending-portfolio net-zero result.

BOQ's FY2021–FY2023 disclosures use a narrow category: financing of equipment directly involved in fossil-fuel extraction. The reported balance moved from $12.7m in FY2021, to $9.1m in FY2022, to $4.6m in FY2023. FY2024 said exposures to direct fossil-power generation and prior exposure to equipment directly used solely for fossil-fuel extraction had reduced to nil. BOQ also disclosed a methodological limitation: retrospective screening used its own ANZSIC mapping and manual asset screening, and it did not have a public ANZSIC customer-classification database. That limitation remains material to how the commitment is read.

In FY2025 BOQ said its former climate targets and commitments, including the earlier fossil-fuel-extraction commitment, had been retired when it moved to the UNEPFI climate-target-setting guidance. That is a policy/target-framework change, not proof that the underlying exposure was zero in every broader fossil-fuel or transition category. BOQ described further work on qualitative and quantitative scenario analysis and a Climate Risk Management Roadmap; those items remain actions in development or intended implementation.

FY2025 materiality work retained the seven prior material topics and elevated ethical business conduct, data governance and customer/business resilience in stakeholder feedback. BOQ described broader stakeholder engagement, risk integration and alignment with mandatory climate-related disclosure as a 2026 focus. These are process/future-focus disclosures, not completed outcomes.

• BOQ changed operational boundaries and restated comparatives, particularly around the ME acquisition/integration and later Scope 3/offset methodology. The tables retain those breaks rather than manufacture a single unqualified emissions trend.
• Climate Active certification, carbon credits, renewable-electricity equivalence, operational GHG inventory and financed emissions are separately disclosed concepts. None is substituted for another.
• BOQ's statements about climate risks, pathways and potential customer impacts are management disclosures. They are not treated here as independent forecasts of credit losses, asset values, customer hardship or portfolio alignment.
• FY2024/FY2025 mandatory-reporting preparation, scenario-analysis uplift and new target setting are kept prospective where the reports describe them that way.

Sources

• Bank of Queensland Limited 2021 Annual Report — FY ended 31 August 2021; printed pp. 3, 16–19 and 55–70. The annual report directs readers to a separate FY2021 Sustainability Report; do not present unverified supplementary-report claims as annual-report facts.
• Bank of Queensland Limited 2022 Annual Report — FY ended 31 August 2022; printed pp. 3, 16–19 and 53–66. The annual report directs readers to a separate FY2022 Sustainability Report.
• Bank of Queensland Limited 2023 Annual Report — FY ended 31 August 2023; printed pp. 4, 17–29 and 32–40. The annual report identifies a separate FY2023 Sustainability Supplement.
• Bank of Queensland Limited 2024 Annual Report — FY ended 31 August 2024; printed pp. Sustainability Report and Climate Statements, pp. 67–79.
• Bank of Queensland Limited 2025 Annual Report — FY ended 31 August 2025; printed pp. Sustainability Report and Climate Statements, pp. 55–68.

This is a chronological index of facts disclosed in the BOQ annual reports. It does not introduce a valuation, recommendation, completion claim, or a causal explanation beyond BOQ's own reported wording. Announced, planned, completed, paid, redeemed, opened, deregistered, and subsequent event retain their distinct meanings.

The five annual-report periods end on 31 August. The October dates in the final column are report-issue dates, not the date on which all activity in that report occurred.

Sources

• Bank of Queensland Limited 2021 Annual Report — FY ended 31 August 2021; printed pp. 3–5, 12–75 and 107–182.
• Bank of Queensland Limited 2022 Annual Report — FY ended 31 August 2022; printed pp. 3–5, 12–70 and 105–179.
• Bank of Queensland Limited 2023 Annual Report — FY ended 31 August 2023; printed pp. 4–6, 6–84 and 126–215.
• Bank of Queensland Limited 2024 Annual Report — FY ended 31 August 2024; printed pp. 4–5, 6–111 and 149–235.
• Bank of Queensland Limited 2025 Annual Report — FY ended 31 August 2025; printed pp. 2–4, 4–95 and 125–212.

Factual record, not investment research. This report organises publicly available issuer disclosures. It does not provide a price target, valuation, investment recommendation, credit opinion, offer, solicitation or advice to buy, sell or hold any security or financial product.

Source, date and correction route. Information is based on the linked BOQ annual reports for financial years ended 31 August 2021–2025 and is prepared as at 2 September 2026. Readers should check the original documents and later BOQ disclosures before relying on a fact. To request a correction, contact MII Research with the report title, section, document and printed page.

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The five linked annual reports are official BOQ issuer documents. Each substantive section above identifies the relevant report years and printed-page lanes.

• Bank of Queensland Limited 2021 Annual Report — FY ended 31 August 2021.
• Bank of Queensland Limited 2022 Annual Report — FY ended 31 August 2022.
• Bank of Queensland Limited 2023 Annual Report — FY ended 31 August 2023.
• Bank of Queensland Limited 2024 Annual Report — FY ended 31 August 2024.
• Bank of Queensland Limited 2025 Annual Report — FY ended 31 August 2025.