Suncorp helped by 28.6 per cent wealth management profit
A 28.6 per cent increase in net profit generated by its wealth management arm has helped drive Queensland-based Suncorp to a 16.1 per cent increase in net profit for the half-year to December 31, 2006.
The result, announced on the Australian Stock Exchange today, placed Suncorp on track to deliver on its full-year profit outlook of 10 per cent and increase its first half ordinary dividend by 10.6 per cent to 52 cents a share.
Suncorp chief executive John Mulcahy said the result was pleasing because of the intense competition that had been a feature across the banking, insurance and wealth management industries since mid-2005.
He said the result also reinforced the strategic rationale of the Promina merger proposal, with the strong results of both companies underscoring the highly complementary nature of the two businesses.
Suncorp’s wealth management division reported a 28.6 per cent profit before tax of $54 million.
AUTHOR
Mike Taylor
Recommended for you
In this week’s special episode of Relative Return Unplugged, we present shadow treasurer Angus Taylor’s address at Momentum Media’s Election 2025 event, followed by a Q&A covering the Coalition’s plans for the financial services sector.
In this week’s episode of Relative Return Unplugged, AMP chief economist Shane Oliver joins the show to unravel the web of tariffs that US President Donald Trump launched on trading partners and take a look at the way global economies are likely to be impacted.
In this episode of Relative Return, host Laura Dew is joined by Andrew Lockhart, managing partner at Metrics Credit Partners, to discuss the attraction of real estate debt and why it can be a compelling option for portfolio diversification.
In this week’s episode of Relative Return Unplugged, AMP’s chief economist, Shane Oliver, joins us to break down Labor’s budget, focusing on its re-election strategy and cost-of-living support, and cautioning about the long-term impact of structural deficits, increased government spending, and potential risks to productivity growth.
