Shares of Australia’s Bank of Queensland saw a notable drop of 4%, sinking to A$5.550.

This adverse trend potentially signals its worst trading day since May 31, pending the day’s final result.

The bank prepared itself for increased risk, taking into account the projected inflation for FY24, considerably driven by the amplified cost of living and persistent high-interest rates.

It added that they envision revenue and margin strains to continue into FY24, impacted by restrained credit expansion and competitive pressures.

The bank’s annual profit was stated at A$124 million, a significant dip of 70% in comparison to the preceding year’s profit.

As of the previous close, the bank’s shares saw a decline of 16.2% this year.

The Bank of Queensland is a leading financial services provider based in Australia, primarily handling retail banking.