Suncorp helped by 28.6 per cent wealth management profit
A 28.6 per cent increase in net profit generated by its wealth management arm has helped drive Queensland-based Suncorp to a 16.1 per cent increase in net profit for the half-year to December 31, 2006.
The result, announced on the Australian Stock Exchange today, placed Suncorp on track to deliver on its full-year profit outlook of 10 per cent and increase its first half ordinary dividend by 10.6 per cent to 52 cents a share.
Suncorp chief executive John Mulcahy said the result was pleasing because of the intense competition that had been a feature across the banking, insurance and wealth management industries since mid-2005.
He said the result also reinforced the strategic rationale of the Promina merger proposal, with the strong results of both companies underscoring the highly complementary nature of the two businesses.
Suncorp’s wealth management division reported a 28.6 per cent profit before tax of $54 million.
AUTHOR
Mike Taylor
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