Suncorp sees strong 2006
(26 October 2005 – Australia) Suncorp has flagged strong performances across most of its businesses in 2006.
Speaking at the Queensland based banking and insurance firm’s annual general meeting, managing director John Mulcahy said he expected to grow market share over the next 12 months.
But he warned that increases in underlying profit would be slower if the general insurance trading margin reverts to its long term sustainable range and if losses increase from current historic lows.
"The strength of our operations in banking, insurance and wealth management throughout Australia, but particularly in our home base of Queensland, is well reflected in our financial performance and in the performance of Suncorp shares."
In August, Suncorp announced an annual profit of A$821 million for the year to June 30, a 33 percent increase on the previous year’s figure.
Suncorp said the result was built on lending and deposit, high margins and low levels of bad debt. It said retail and business lending was strong with overall lending growing 15 percent.
But he warned that increases in underlying profit would be slower if the general insurance trading margin reverts to its long term sustainable range and if losses increase from current historic lows.
"The strength of our operations in banking, insurance and wealth management throughout Australia, but particularly in our home base of Queensland, is well reflected in our financial performance and in the performance of Suncorp shares."
In August, Suncorp announced an annual profit of A$821 million for the year to June 30, a 33 percent increase on the previous year’s figure.
Suncorp said the result was built on lending and deposit, high margins and low levels of bad debt. It said retail and business lending was strong with overall lending growing 15 percent.
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