News: BOQ Bank Of Queensland says refines operating model

Feb 9 (Reuters) - Bank of Queensland Ltd (BOQ) :

• Boq refines operating model (BOQ)
• Expect this investment in fine-tuning our operating model will help accelerate our path towards a cost to income ratio in low 40% range in years ahead"
• Uncertainty in the global economic outlook over recent months has resulted in a significant increase in volatility in funding market"
• Says an investment in the order of $15M (pre-tax) is anticipated to be incurred over the course of FY 2016
• Says expense will not be excluded from cash earnings in FY 2016
• Investment required to implement the change initiatives should deliver 100% payback through cost savings within 12 months