Suncorp has reconfirmed its earnings guidance for the current financial year, using an address to an investment conference in Scotland to reassert the company’s strong business fundamentals.
Suncorp chief executive John Mulcahy said the company was on target to achieve its funding requirements for the full financial year and that, since June, it had undertaken over $1 billion in private placements in the term debt market.
He said the group’s banking business had already achieved efficiencies in the back-office and systems, and that because it was conservatively operated it had remained in a strong position relative to its competitors with respect to bad debt write-offs.
Looking at the group’s wealth management business, Mulcahy said the company expected investment market volatility to continue and accordingly it was forecasting a flat underlying profit for the year.
