Profits at the Bank of Queensland are "have now resumed a positive trajectory" the bank's CEO, Stuart Grimshaw, told the bank's annual meeting in Brisbane yesterday.The bank is also broadly "on track to meet internal targets" spelled out in October, Grimshaw said.These targets are:• lifting the return on tangible equity to around 10 per cent in 2013, rising to 13 per cent by 2015.• achieving growth of 1.2 times system in retail asset growth by 2015, and growth of 1.5 x system in business assets. However, at this stage BOQ is growing assets only in line with system.• keeping expense growth below inflation.• achieving a cost-to-income ratio in the low 40 per cent range by 2015.Grimshaw also said that the bank was earning an interest margin "within the target range", not that BOQ has spelled this target out.The bank and its leaders have been scrutinised since reporting a $17 million 2012 loss.Neil Summerson, chair of BOQ, flagged he would retire "when the board is satisfied that the bank has restored its growth path and is again returning sustainable profits," possibly in the next two yearsHe took a defensive approach in his speech to the AGM, tackling the background to the bank's loss.Summerson said the decision to recognise a collective provision for the first time was "conservative" and dictated by an "appropriate" approach to provisioning policy.He said BOQ's provisioning, as a proportion of gross loans, was now "the highest of any Australian bank."Summerson said the bank wanted the share price higher, "but we need to demonstrate that the restructure and repositioning is producing increased profits and that our impairment issues are behind us."The Courier Mail reports that almost 13 per cent of votes were cast against the remuneration report and that some big investors protested Carmel Gray's re-election as a director. Proxy advisers Ownership Matters had reportedly recommended a vote against Gray after the bank's recent $450 million share placement.