A determined repricing of loans and deposit products to deter customers from switching or refinancing has hit the bottom line of Bank of Queensland and forced the bank to put the brakes on rapid loan growth."Highly competitive rates in lending and deposits across the industry have translated into reduced new business margins and increased levels of retention repricing of existing customers," the bank's managing director Jon Sutton wrote in BOQ's annual report, released yesterday.As a result, BOQ has lost some of the shine from recent results, producing a profit for the second half of its financial year below that earned over one or other of the last two half years.?Net profit for the half year to August 2016 fell A$4 million or two per cent to $167 million. Cash profit increased $2 million to $181 million.Net profit for the 12 months to August was $338 million - an increase of six per cent over the previous corresponding period.The interest margin contracted three basis points over the year to 1.94 per cent, with the second half margin declining to 1.90 per.The loan impairment charge fell from $74 million in 2014/15 to $67 million in the year to August.BOQ set the final dividend of 38 cents per share, taking the full year dividend to 76 cents per share, up two cents on 2015.Sutton, in the annual report, cited "intense competition for retail term deposits.""The highly competitive rates in lending and deposits across the industry have translated into reduced new business margins and increased levels of retention repricing of existing customers," he said.These factors lie behind a shift down in growth.Lending growth at BOQ of five per cent is down from near six per cent over the prior year, a rate preserved at the half year results.Lending growth "was entirely funded by the eight per cent growth in customer deposits," BOQ said. Sutton provided insight into one facet of the bank's modernisation program, sharing in an interview on Sky Business that among its 1980's legacy technology was a (fast diminishing) reliance on fax machines.