Suncorp (SUN) insurance margins improve
Suncorp (SUN) +11.05%
SUN reported a FY20 profit of $913M and a fully franked final dividend of 10 cps on Friday. The profit was a big beat to market expectations ($817m) with the result driven by strength in their general insurance business which saw a big expansion in margins. The bank delivered a profit of $77M for 2H20 which compares with $171M for 1H20, the large decline in profit was the increase in the bad debt charge from $1M in 1H20 to $171M in 2H20, as expected. There was 3% income growth from 1H20 to 2H20 and expenses fell by 5% over the period. A strong performance in very difficult circumstances.
Suncorp (SUN) Chart
