Suncorp maintains profit guidance
Chris Skilton
Queensland-based financial services group Suncorp has given a bullish assessment of its full-year performance, predicting profit growth of between 10 and 12 per cent for its banking operations, between 7.5 per cent and 10.5 per cent for general insurance and more than 10 per cent for wealth management.
The company’s chief financial officer, Chris Skilton, told a London investor conference that Suncorp was confident the full year impact of the credit crunch on its banking operations would be no greater than $10 million to $15 million before tax.
He said given the company’s strong lending growth platform and its exposure to the high growth states of Queensland and Western Australia, it was confident in upgrading its banking guidance “to reflect our expectation of growth in profit before tax and bad debts of between 10 per cent and 12 per cent for the full year”.
Looking at Suncorp’s wealth management operations, Skilton said the company remained on track to achieve its full-year forecast of underlying profit growth of greater than 10 per cent.
AUTHOR
Mike Taylor
Recommended for you
In this episode of Relative Return, host Maja Garaca Djurdjevic chats with Chris McGibbon, global head of real estate at Nuveen, about the long-term outlook and why the “knife has stopped falling” in property.
In this new episode of The Manager Mix, host Laura Dew speaks to Nick Paul, institutional portfolio manager at MFS Investment Management to delve into everything small and mid-cap equities.
In this episode of Relative Return, host Laura Dew chats with Kellie Wood, head of fixed income and deputy head of fixed income and multi-asset at Schroders Australia, to discuss why fixed income is returning to favour after a 12-year wait.
In this episode of Relative Return, host Laura Dew speaks with Michael Hunstad, deputy chief investment officer and chief investment officer of global equities at Northern Trust Asset Management, to debunk myths around index investing.
