Suncorp profit rises 61 per cent
Suncorp Metway rounded off the 2003-04 financial year on a high today by reporting a record 61 per cent increase in net profit across all three of its main business areas.
The group reported a net profit of $618 million across its banking, general insurance and wealth management units, up $384 million from last year and declared a final fully franked dividend of 70 cents per share, an increase of 25 per cent on last year.
The bulk of the profit was generated in general insurance, which contributed $456 million to the total - up 99.6 per cent on last year. Banking and wealth management contributed $371 million and $66 million respectively.
Suncorp has pinned the growth on improved market conditions in the insurance sector, a rapid recovery in home lending in the banking sector and the recovery of equity markets in the wealth management sector.
Chairman, John Story says the group has also benefited from a structural and organisational review and has reaped the full rewards of its acquisition of GIO from AMP in 2001.
Chief executive John Mulcahy says the company is optimistic about the year going forward despite warning a slowdown in home lending and increased competition may lead to some deterioration in margins for its banking division.
“We have announced a good set of results today and on the back of our strategies and the momentum we have established, we see a strong outlook for the 2004-05 financial year,” Mulcahy says.
Recommended for you
Donald Trump’s presidency has already begun reshaping the corporate and political landscape in the US, with executive orders rolling back diversity, equity, and inclusion (DEI) initiatives and clean energy efforts.
In this episode of Relative Return Unplugged, hosts Maja Garaca Djurdjevic and Keith Ford are joined by AMP chief economist Shane Oliver to take a look at what can be learned from 2024 as attention turns to what markets will do in the new year.
Join us for a special episode of Relative Return Unplugged as hosts Maja Garaca Djurdjevic and Keith Ford are joined by shadow financial services minister Luke Howarth to discuss the Coalition’s goals for financial advice.
In this special episode of Relative Return Unplugged, we are sharing a discussion between Momentum Media’s Steve Kuper, Major General (Ret’d) Marcus Thompson and AMP chief economist Shane Oliver on the latest economic data and what it means for Australia’s economy and national security.
