(11 February 2010 – Australia) Suncorp-Metway Ltd has said that it expects its first half net profit will be higher than the corresponding period last year, as a result of a strong contribution from its general insurance business.The bank has announced that it expects a net profit, after tax, for the first half of 2009/10 of between A$355 million and A$375 million.
The bank’s full detailed results for the half year to December 31st will be presented on February 24th, Suncorp added.
Suncorp also said in a statement that the improved result is primarily due to a strong contribution from the general insurance business, which has benefited from more favourable weather conditions and enhanced returns from the investment portfolios.
The expected result remains subject to completion of the financial accounts and a final review by the Suncorp Board and external auditors, the bank said.