Bank of Queensland’s loan arrears (90 days or more past due) increased by A$112 million to $360 million over the three months to the end of May – a 45 per cent increase.

The bank noted in its latest Pillar 3 report, released on Friday, that the $112 million was made up of $58 million of loans where banking relief package applications have been processed subsequent to May 3. The balance was loans where customers have not elected to apply for relief or were not eligible.

Of the total $360 million of arrears, $226 million was residential mortgages and $136 million other retail.

BOQ added $61 million to its collective provision during the three months to the end of May, taking the total COVID-19 collective provision to $71 million.

The bank said this provision was at the top end of range detailed in its December half financial report.

The value of risk weighted assets rose 1.1 per cent to $31.5 billion.

The bank’s common equity tier 1 capital ratio fell from 9.9 to 9.8 per cent over the period, which is above the bank’s target range of 9 to 9.5 per cent.

The total capital ratio fell from 13.2 per cent to 12.7 per cent, which is within the target range of 11.75 to 13.5 per cent.