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Suncorp profit down, but lending growth strong

Staff Reporter 1 minute read

Diversified financial services group Suncorp reported a first half net profit of $382 million today.

The result is 27.5 per cent lower than the prior corresponding period in 2007.

Suncorp Chairman John Story said the result had to be considered in the context of extraordinary local and global events.

“Suncorp has performed creditably through one of the most difficult operating periods in the company’s history,” Mr Story said.

Results for the banking segment of the group’s business were encouraging, with bank profit contribution before tax and bad debts up 9.9 per cent to $323 million.

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The group attributed the result in part to strong lending growth; home loan receivables (including securitised assets) for the half-year totalled $25.3 billion – an increase of 12.9 per cent.

Published: 28-02-08

Suncorp profit down, but lending growth strong
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