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Suncorp has frozen its director’s fees after posting a 37 per cent drop in net profit after tax.
According to the bank, net profit fell from $583 million to $348 million over the last year.
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Bad debts crippled the company’s banking arm, driving its share price down to make it the cheapest of all the banks and insurance firms in price-to-book terms.
Lending growth slowed over the course of the year, consistent with the slowing domestic economy and the Bank’s stated objective of running off non-core portfolios.
Profit before tax, bad debts and one-off items rose to $781 million from $668 million in 2008.
