Bank Of Queensland (ASX:BOQ) has announced its profit for the year, reporting a figure of A$124 million, which marks a 70% drop compared to the previous year.

Despite the fall in profit, the bank’s annual revenues from ordinary activities have seen a rise of 6%, amounting to a total of A$1,759 million.

The bank has also declared the annual ordinary dividend to be 21 Australian cents per share.

The Bank of Queensland is an Australia-based regional bank which provides retail and commercial financial services.