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Suncorp profit grows a whopping 81 percent

Suncorp profit grows a whopping 81 percent

(2 March 2004 – Australia) Suncorp-Metway’s net profit has leapt a massive 81 percent to $281 million for the six months to December 2003 compared with $155 million a year ago. The company said each of its business lines – banking, general insurance and wealth management – exceeded its own forecasts and demonstrated that Suncorp was achieving its strategic goals.

"The strength of the first half profit has put the company on track for a good full year profit," Suncorp chairman John Story said.

Banking profit before tax and goodwill jumped 18 percent on last year to $177 million with total lending, including securitised assets, up16 percent to $27.7 billion.

Suncorp’s business banking division saw its assets grow by 24 percent to $11.3 billion.

Wealth management grew by 112 percent to $36 million while the insurance business rose to $215 million from $72 million a year ago.

"The economy, both nationally and in our main markets of Queensland and New South Wales, continues to show consistent growth," Story said.
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