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Bank of Queensland chairman Warwick Negus yesterday apologised to shareholders for manifold risk management failures at the company but rejected calls from shareholders for the board to ditch PwC as its auditing firm.
Many finance executives take out home loans with their employer, but few disclose $42 million in commercial loan exposures.
Bank of Queensland boss Patrick Allaway blames the economic cycle, margin pressures across the industry and higher cost of funding for its weaker results.
Bank of Queensland shares fell nearly 5% on Wednesday, as the lender cut its dividend after annual profit plunged by about 70% amid depressed mortgage lending, and flagged margin pressure....
SYDNEY—Bank of Queensland’s disappointing annual earnings and lending margins were affected by challenging economic conditions rather than management changes…