Building a more resilient Suncorp
03 August 2017
Suncorp shareholders will receive a final dividend of 40 cents a share for the six months to 30 June 2017, bringing the total dividend for FY17 to 73 cents a share, five cents higher than the previous year.
This reflects a net profit after tax (NPAT) of $1,075 million, a 3.6% increase on 2016.
Suncorp said the total dividend represented a payout ratio of 81.9% of cash earnings, reflecting momentum in growth driven by the company’s refined strategy.
Insurance (Australia) delivered NPAT of $723 million, up 30%, due to strong top-line growth and lower claims.
Banking & Wealth delivered NPAT of $400 million, impacted by investment in the Core Banking and Wealth platforms to support Suncorp's strategy.
New Zealand achieved NPAT of A$82 million, impacted by claims costs associated with the Kaikoura earthquake and the associated reinsurance reinstatement expense.
What Suncorp said
Suncorp CEO & Managing Director Michael Cameron said over the past year, the One Suncorp operating model and refined strategy has driven improved growth.