Suncorp has seen a massive lift in profits despite a conservative lending approach.
The bank and insurer has reported a net profit after tax of $730m, which it said was delivered by cost-cutting, improved margins and some favourable outcomes in natural hazard and investment markets.
“We’ve achieved significant milestones in simplifying our business and delivering ongoing cost savings. We’ve made appropriate investments in technology, data and business intelligence and we’ve taken the necessary measures to account for fundamental changes in the life insurance industry,” Suncorp CEO Patrick Snowball said.
The bank saw modest 5% growth in its retail and business lending, but it said this was reflective of its "conservative approach" and a focus on lendiing at LVRs below 80%.