Australia-based diversified financial services group Suncorp has reported a net profit after tax of almost $1.1 billion for fiscal 2007, up 16.2% compared with 2006.
The consolidated result included a contribution from Promina for the period March 21 to June 30, 2007. On a standalone basis, Suncorp’s underlying profit increased by 10.3% to $1.15 billion.
For the period, bank profit contribution before tax increased by 12.5%, in line with guidance, thanks to lending growth and continuing credit quality. General insurance full year profit before tax (including Promina result) reached $835 million despite the queen’s birthday weekend storms in New South Wales, which cost the group $160 million net of reinsurance recoveries.
Suncorp chairman John Story said: This result highlights the complementary nature of the Suncorp and Promina businesses, as well as the huge opportunities available to us by successfully integrating them.
Our operating performance for the 2007 financial year means that we are able to pay an ordinary final dividend of $0.55 per share. This takes the full year ordinary dividend to 107 cents per share, an increase of 10.3% on the previous financial year, he added.