Suncorp reports improved growth momentum in home lending

Growth momentum has also extended to the bank's business lending portfolio

Suncorp reports improved growth momentum in home lending


By Mina Martin

Suncorp has confirmed that it continues to make strong progress against its strategic priorities, particularly within the home lending portfolio.

This was according to the quarterly update released by the bank as of March 31 as required under the Australian Prudential Standard 330.

Suncorp’s home lending portfolio reported growth of $803 million in March. Having returned to above-system growth in February (1.1x system) and March (1.4x system), portfolio momentum continued in April, with more than $550 million of growth.

Clive van Horen, Suncorp Bank CEO, said the improved growth momentum in home lending reflects continued delivery of a targeted program of work to improve customer and broker experiences.

“Turnaround times have been consistently competitive over the quarter, reflecting improved back-end processes to support the higher lodgement volumes,” van Horen said. “Growth momentum also extended to the business lending portfolio which grew $91 million during the March quarter and over $130 million in April.”

Van Horen said the bank continued to maintain a high-quality and conservatively positioned lending portfolio as “reflected in an impairment expense of just $1 million for the quarter.”

On April 30, 111 customers impacted by the recent flooding across Queensland and New South Wales were receiving hardship assistance in the form of deferred or reduced payments, conversion of loan to interest only, or concessional interest rates.

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