Amid weak bank results, Suncorp reveals $100 million investment into digital strategy
(4 August 2017 – Australia) Suncorp Group has reported that its annual profits increased by around four percent while revealing plans to inject A$100 million into its renewed digital strategy.
For the full year ended Suncorp reported a 3.6 percent rise in group net profit after tax to A$1.08 billion from A$1.04 billion in the previous financial year.
Revenue for the 12 months to June 30 rose 12.3 percent to A$17.39 billion compared to the same period last year.
The group reported lower margins across its banking units, and a decrease in its New Zealand business, however those were offset by increased profits in Suncorp’s insurance business.
The Group’s banking and wealth business posted an annual decrease in net profit after tax from A$418 million to $400 million.
Banking lending grew 1.9 percent, while wealth funds under management and administration increased 0.8 percent to A$7.5 million
The New Zealand unit reported its net profit after tax dropped to A$82 million from A$183 million for the same period last year.
The group said that it had almost 400,000 new customers for the full year 2017, which CEO Michael Cameron said showed it's recently rolled out “market-place” strategy was "gaining momentum".