Bank of Queensland, an Australian regional lender, released today its results for the first six months of the fiscal. The Bank said that the net profit for the first half was reported nearly doubled comparing to the same period last year.

The Brisbane based bank said that it has overcome from the shadow of the global financial crisis and it is now in a far stronger position than it was at the start of the global financial crisis. The bank also said that it is very optimistic for the rest of the year.

For the first half of the fiscal, Bank of Queensland reported a net profit of $A90.9 million, increasing by 96% while it was reported of $A46.3 million in the same period last year. The bank said that the increased profit was mainly attributable to the cost cutting and improved margins on its loans.

The bank said that the total operating income in the first half was reported of $A342.9 million, increasing by 12.8% comparing to the previous corresponding period when it was reported of $A304 million. The normalized cash profit for the period was posted to $A97.2 million, increasing by 15% compared to the same period last year.

Encouraged by the first half results, the bank said that it is growing its lending faster than competitors. The bank also said that the first half results came as expected and it has delivered on its commitment to improve its margins.