BOQ Results

Looks like BOQ just scrapped enough together to make their guidance.

EPS down but dividends up. Div payout ratio above 80% (wow) that's just not sustainable.
Net Margin down, Lending below system growth and Cost to income ration up - all bad metrics

It will be interesting to see what happens today at the open and on the call but this looks like BOQ has raided the provisions to make their numbers as how else would you see provisions fall with lending growth increase and yet other majors all increasing their provisions. I expect the guidance to be uber cautious as next move must be a cut to the dividend and with it, I would expect a steep fall in share price thereafter.

Time to sell I suspect as this stock should be rated on around 11 times implying around a 15% fall from here.