Investor Presentaiton
Integration update
Integration program delivering ahead of plan
BOQ GROUP
Expense synergy profile
Integration costs²
1H22
FY22
FY23
FY24+
FY21
FY22
FY23
FY24+
Synergies annualised run rate $33m
$47m
c.$70-$80m
$95m+
Integration costs
$13m
$81m
c.$40m
c.$5m
Delivered percentage¹
44%
63%
100%
125%+
Cumulative
$13m
$94m
c.$135m
c.$140m
> FY22 P&L synergies of $38m delivered through operating model
changes, supply chain benefits and consolidation of project portfolios
> Additional $7.5m one off non interest income benefit from an updated
card services arrangement
> FY23 annualised synergies expected from further ME BAU project
portfolio reductions, supply chain benefits and ongoing operating
model changes
FY22 spend primarily relates to²:
› Operating model changes
> Technology spend on collaboration tools, network integration,
Treasury system consolidation and regulatory reporting consolidation
> Risk, compliance and remediation programs
FY23 costs expected to relate to ongoing technology integration and
operating model changes
BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation
(1) Based on $75m mid-point of synergies range
(2) Integration costs are not included in cash earnings
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