The dividend payout ratio (on a Statutory basis) for 1H16 was...

The dividend payout ratio (on a Statutory basis) for 1H16 was reduced to 83.6%
compared with 2H15 of 85.9% and 1H15 of 85.8%. [see page 8 of the 2016 Half Year Results].

If the same ratios from 2H15 and 1H15 were applied, BOQ shareholders could have expected 39 cents per share using simple ratio projection.

Conservatism and prudence had obviously been applied by the Board of Directors in this round of dividend declaration. Not necessarily a bad thing, in my opinion, given this round of dividend has gone up 2 cents from 36 to 38 cents per share from the previous half year, 1H2015, an increase of 5.56%.