Here’s what happened to the Bank of Queensland share price in the FY22 first quarter

a woman holds a banana up to her face, mirroring her own smile as she holds the banana with two hands.

The Bank of Queensland Ltd (ASX: BOQ) share price is up 0.1% in early afternoon trading, at $9.74 per share.

That’s a bit better than the 0.39% loss posted by the S&P/ASX 200 Index (ASX: XJO) at this same time.

With intraday moves factored in, the bank’s shares are up 4.9% since the start of the new quarter (Q2 FY22) on 1 October, compared to a 1.04% gain on the ASX 200.

That’s the recent action.

Below, we look at how the Bank of Queensland share price moved in Q1 FY22.

What happened with the Bank of Queensland share price in the last quarter?

The bank started the quarter trading at $9.11 per share.

By the closing bell on 30 September, the Bank of Queensland share price was at $9.36.

That’s a gain of 2.7% over a quarter that saw the ASX 200 gain a meagre 0.3%.

However, shareholders had to contend with some volatility over the quarter.

Shares hit closing lows of $8.74 on 20 July and reached closing highs of $9.72 on 8 September. That’s more than an 11% price swing during the 3-month period.

What moved shares over the quarter

Investors had numerous factors to consider over the quarter.

One of the tailwinds helping the Bank of Queensland share price was, and continues to be, Australia’s red hot property market. Home loans represent a major component of the bank’s lending sheet.

The bank also started the quarter off by announcing that it had officially sealed the deal to acquire Members Equity Bank (ME Bank). The deal, valued at some $1.33 billion, had been in the works since February but ran into a few legal headaches before final approval.

Commenting on the completed acquisition on 1 July, Bank of Queensland’s CEO George Frazis said:

Importantly, what [the acquisition] enables us to do is to invest heavily in terms of our digital transformation… enabling us to be more competitive in terms of the service that we’re providing for customers that choose to bank with us.

On 22 July, the bank announced that former ME Bank director Deborah Kiers was joining its board.

That appointment likely offered another boost for the Bank of Queensland share price.

As my Foolish colleague, Aaron, noted on the day, “Ms Kiers has more than 26 years’ experience in providing strategic advice to international boards and executive teams. In addition, she has spent almost 10 years as the managing director of business management consulting company JMW Consultants.”

While that leadership position appeared to be welcomed by investors, additional executive shakeups in September may have dragged on the Bank of Queensland share price.

Late in the month, the bank appointed a new chief risk officer and a new chief product officer.

It seems the leadership churn rate at the bank caused some concern.

As my colleague, Nikhil, reported on 23 September, “Of particular concern was the departure of business group executive Fiamma Morton who was in the role for 15 months. Morton had replaced Peter Sarantzouklis, who assumed the role in August 2019, before leaving five months later in January 2020.”

Despite those concerns, the Bank of Queensland share price beat the ASX 200 over the last quarter and is up an impressive 59% over the last 12 months.

The post Here’s what happened to the Bank of Queensland share price in the FY22 first quarter appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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