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.
"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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