(25 August 2010 – Australia) Suncorp-Metway has announced that its full year profit has more than doubled, saying the bank was making ‘good progress’ post global financial crisis.The bank recorded a net profit for the year ended June 30 of A$780 million, up from A$348 million a year ago.
Revenue for the banking and insurance group rose to A$15.7 billion from A$14.2 billion last year.
Chief executive Patrick Snowball said in a statement that Suncorp was making good progress in recovering from the challenges that became apparent during the global financial crisis.
Suncorp’s banking arm recorded a pre-tax profit of A$78 million for the year, having separated its lending portfolios into core and non-core lines.
Gross banking loans, advances and other receivables fell 6.5 percent to A$51.8 billion.
Net interest income was A$928 million, representing a margin of 1.42 percent, down 26 basis points on year.
Suncorp’s bad debt expense for the year came in at A$479 million.