(Australia) A record half year has led to financial services outfit Suncorp posting a net annual profit of $384 million, a 24 percent increase on the previous year.Suncorp managing director John Mulcahy said the strong result was driven primarily by the company’s general insurance division.
“Profit stream arising from the GIO acquisition is now flowing strongly to the bottom line, producing a 140 percent increase in second half earnings to $161 million,” he said in a statement.
He said banking had also made “considerable progress” in the second half of the year, producing a 20 percent increase to $168 million – a record half year result.
“We have had a good year and an excellent final six months. We now have an ambitious vision, a clear strategy and detailed plans to build on our strong track record and deliver increasing benefits to our customers, staff, community and shareholders,” Mulcahy said.