Powered by MOMENTUM MEDIA
subscribe to our newsletter
Suncorp Bank lending up five per cent

Suncorp Bank lending up five per cent

Suncorp Bank has released its full year results, revealing a five per cent increase in home lending.

Residential mortgages now account for 78 per cent of the regional bank’s lending portfolio, with commercial and SME lending contributing 12 per cent (up 4.4 per cent) and agricultural lending contributing 9 per cent (up 7.3 per cent).

In the 12 months to June 30, Suncorp managed to reduce its non-performing loans by 18 per cent, helping the bank deliver an after tax profit of $228 million.

Advertisement
Advertisement

The lender’s net interest margin increased from 1.64 per cent to 1.72 per cent in the year to June 30.

Chief executive Patrick Snowball said the clear and consistent strategy and focus on simplification were reflected in the group’s strong financial results in 2014.

“We’ve achieved significant milestones in simplifying our business and delivering ongoing cost savings,” Mr Snowball said.

“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,” he said.

Simplification initiatives continue to deliver benefits and are expected to provide $225 million in savings in the 2015 financial year and $265 million in the 2016 financial year, Mr Snowball said.

“Positive momentum remains across all of Suncorp’s business lines and we are targeting growth of between 4 per cent and 6 per cent in the coming year,” he said.

 

Suncorp Bank lending up five per cent
mortgagebusiness
  • 23
    Days
  • :
  • 07
    Hours
  • :
  • 54
    Minutes
  • :
  • 01
    Seconds

EARLY BIRD CLOSING SOON
Have you secured yours?

Latest News

Stagnant housing market activity is expected to prolong the stay of borrowers in arrears, with the forecast fall in home values to be among...

The non-bank sector is expected to “lead the way” in 2019, after issuing more than 60 per cent of new home loans in 2018, according to S...

The volume and value of new residential buildings fell in the September quarter 2018, reflecting the “softening” housing market the HIA ...

FROM THE WEB
podcast

LATEST PODCAST: How a softening property market will impact the mortgage sector

Is enough being done to ensure responsible lending?