BOQ increases CEO pay

Bank of Queensland (BOQ) has increased its chief executive officer's pay after posting a surge in full-year profit.

In its annual report, the bank said total remuneration for CEO Stuart Grimshaw was $2.9 million in the 2013 financial year, compared with $1.8 million in the previous year.

The package includes salary and fees, short-term incentive, long-term incentive and share-based payments.

The bank reported a cash profit of $248.2 million in the year to August 31, compared with $20.9 million in the prior year.