Suncorp has announced a group after-tax profit of $780m – almost double its 2009 figure.
$215m of the the group's pre-tax profit was produced by the sale of LJ Hooker, along with Suncorp's joint venture interests in RACQ Insurance and RAA Insurance. Suncorp Bank's after tax profit was $268m.
CEo Patrick Snowball said Suncorp was making 'good progress' following the shocks of the GFC.
"Over the course of the financial year, we stabilised the group, strengthened its balance sheet, appointed a new executive team and laid the foundations of sustainable growth," he commented.
In terms of Suncorp's banking subsidiary, Snowball commented that lending had been constrained in the first half of the year as the bank rebalanced its funding mix, but lending across the core portfolio grew 2.5% over the second half of the financial year.
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