Want the latest Bank of Queensland dividend? Here's how you can bag it

You'd better hurry if you want this latest BoQ payout…

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ASX bank shares have long been a favourite of income investors thanks to their large, and usually fully franked, dividends. Bank of Queensland Ltd (ASX: BOQ) shares are no different. Today, let's discuss the latest Bank of Queensland dividend and how you can secure it.

It was only last week that we went through Bank of Queensland's latest earnings report, which was dropped on 16 October.

A late earnings season bloomer, BoQ 's financial year runs over the 12 months to 31 August rather than the typical 30 June.

For the 12 months to 31 August 2024, BoQ reported an 8% year-on-year fall in revenues to $1.6 billion.

Cash net profits after tax (NPAT) also slumped by 24% to $343 million, unassisted by a 6% increase in operating expenses to $1.07 billion. BoQ also saw its net interest margin drop by 0.13% to 1.56%.

This led the Bank of Queensland to declare a final dividend of 17 cents per share for its 2024 financial year. As is the norm for BoQ, the dividend will come with full franking credits attached.

This dividend announcement might have come as a bit of a disappointment for investors. It does match the interim dividend of 17 cents that BoQ investors received back in May. However, it also represents a 19.05% drop from the final dividend of 21 cents per share that shareholders enjoyed this time last year.

It also brings Bank of Queensland's annual dividend total to 34 cents per share, a 17.07% fall from the 41 cents per share total that investors received over 2023.

How to bag the latest Bank of Queensland dividend

But a dividend is a dividend, and this one is coming up fast. If investors wish to see this latest payout from BoQ shares arrive in their bank account, and they don't already own this bank stock, time is running out to secure the payment. The bank declared this coming Friday, 25 October, as the ex-dividend date for this latest shareholder payment.

This means that this Thursday, 24 October, is the last day investors can buy Bank of Queensland shares with the right to receive this dividend attached.

Any investor who purchases BoQ shares on or after 25 October will leave the rights to receive the dividend behind with the seller.

Dividend payday for eligible investors is then scheduled for next month on 19 November.

Eligible shareholders have until October 29 to decide whether to participate in BoQ's optional dividend reinvestment plan (DRP). If they choose to do so, investors will receive additional Bank of Queensland shares in lieu of the traditional cash dividend.

At the current Bank of Queensland share price of $6.94, this ASX 200 bank stock has a dividend yield of 4.9%.

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. 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 Scott Phillips.

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