Redundancies, technological improvements and the consolidation of property have all contributed to an expected $79 million hit to the Bank of Queensland’s (ASX: BOQ) after-tax profit for the second half of FY23, which for the Brisbane-headquartered group ended on 31 August.
BOQ estimates after-tax costs of $35 million from restructuring and $44 million for integrations with ME Bank – an acquisition made for $1.33 billion in mid-2021.
These costs, which amount to $113 million before tax, stem from a group-wide operating model review that prompted a simplification of BOQ operations with a focus on productivity.
The group has revealed 250 redundancies took place in FY23 and the first quarter of FY24 with related costs of approximately $25 …
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