General Discussion, page-321

Agree that BOQ is not competing as margins are not there but the question Pat needs to answer is why are margins not there? He makes out that it is an industry wide phenomenon which it certainly does not seem so - BEN recently announced an uplift in its NIM to 1.87 and BOQ is at 1.55. Pat singles out the term funding facility as one of the reasons for the decline in NIM however I can't find any evidence that its affecting any other bank more than it is affecting BOQ - our cost to income is at a whopping 65.9%, much higher than BEN 57% and looking at BEN's half year results, it seems what Pat points out as "structural changes" only seem to be really affecting BOQ to a much larger extent than they are affecting other banks. He needs to explain why our costs are not coming down and why every other bank is able to manage the NIM better than he is


https://www.copyright link/companies/financial-services/why-bendigo-bank-shares-are-up-sharply-this-month-20240524-p5jg9x AFR article about BEN's uplift in NIM: Why Bendigo Bank shares are up sharply this month see also https://www.********.au/2024/05/21/guess-which-asx-200-bank-stock-just-hit-a-4-year-high/

https://www.marketindex.com.au/news/why-bank-of-queensland-is-crushing-doubters-and-short-sellers-on-wednesday

https://www.bendigoadelaide.com.au/globalassets/documents/bendigoadelaide/investorcentre/results-and-reporting/financial-results/appendix-4d-half-year-results-2024.pdf