Bank of Queensland Ltd said the growth outlook for this year looks strong with the bank's WA-based owner-managed franchises continuing to write profitable business.
Chairman Neil Roberts told shareholders today that the bank continues to grow its loan book ahead of the industry average.
"The growth outlook for the current year looks to be strong," he said at the bank's annual general meeting.
"We continue to grow our loan book well ahead of system, and the downturn in home lending does not appear to have impaired lending levels to any significant degree."
Mr Roberts said while housing markets have slowed in many areas, the bank's interstate owner-managed franchises were continuing to write profitable business at record levels.
"Our growing presence in Western Australia gives us the opportunity to access that state's very buoyant economy," he said.
"Overall, Bank of Queensland will continue its policy of strong organic growth, especially interstate, and will continue to look for strategic acquisitions judged to be complementary to the bank's business."
In fiscal 2006, the bank's new lending approvals reached record levels, with loan approvals of $10 billion, an increase 33 per cent over the previous year.
That resulted in growth which was about eight per cent ahead of the major banks.
Bank of Queensland and HBF signed a memorandum of understanding in April in its strategy of offering a wider range of financial services with the home loan alliance launched in November.
Under the agreement, the product will be manufactured by BOQ, with HBF distributing them under its own brand.
At the time, HBF managing director Mike Gurry said HBF was committed to generating growth in areas other than health insurance, to reduce the pressure on premiums.
"The ageing population and spiralling health costs are continually putting pressure on health insurance premiums, and HBF is focused on finding alternative income streams to help ensure the long-term viability of the fund," he said.
Bank of Queensland opened its Applecross branch in September, its second Perth branch following the opening of its Subiaco branch in April.
