Bank of Queensland’s mortgage book and overall credit exposures remain in decline, the bank’s latest pillar 3 reporting shows.

Gross credit exposure for BOQ was $97.0 billion at November 2024, down from $98.1 billion at August 2024.

In August 2023, BOQ’s gross credit exposure was $101.6 billion.

At its full-year results in October, BOQ made clear that it had deliberately slowed application volumes for home loans, and this trend is confirmed in the pillar 3.

Residential mortgage exposures were $59.6 billion at November 2024, down slightly from $59.9 billion at August 2024.

Residential mortgage exposures were $62.5 billion at August 2023.

In August last year, Bank of Queensland announced a strategic pivot, in effect seeking to convert itself into a business bank.

BOQ also said at the time it would take control of owner-manager branches and turn them into corporate branches.

As expected, BOQ now has an accelerated program to close many of them, with plans for the closure of 14 branches announced last week.