Bank of Queensland H1 profit up 29 pct, cuts dividend

SYDNEY, April 9 (Reuters) - Australian regional lender Bank of Queensland Ltd (BOQ.AX) (BOQ) reported a 29 percent rise in core first-half profit on Thursday, marginally higher than analysts estimates, but cut its dividend. The bank reported a normalised cash profit of A$84.2 million ($60 million) for six months ended Feb. 29, up from A$65.3 million a year earlier. Five analysts had on average projected BOQ's cash profit to be A$82.7 million.

The bank cut its dividend per share by about 27 percent to A$0.26.

In February, BOQ said it expected first-half normalised cash net profit after tax to be at least 25 percent higher than in the first half a year earlier. ($1=A$1.41) (Reporting by Mette Fraende)