Suncorp has delivered an improved end of year result and assured the market its recovery is underway.
Delivering the group’s end of financial year results yesterday, Suncorp CEO Patrick Snowball said the group net profit after tax for the 2010 financial year had increased to $780 million, up from $348 million the year before.
After facing significant challenges as a result of the financial crisis Mr Snowball said the result confirmed Suncorp was on the road to recovery.
“Suncorp is making good progress in recovering from the challenges that became apparent during the global financial crisis,” he said.
“Over the course of the financial year we stabilised the group, strengthened its balance sheet and capital position, appointed a new executive team and laid the foundations for sustainable growth and profits by clarifying our strategic direction and restructuring operations.”
Mr Snowball said the benefits of those initiatives could be seen in the improved end of year result and improved performances across the group’s businesses.