Suncorp has produced a stunning profit of $730 million for the year to June 30. The increase from last year’s $491 million equates to a 49 per cent profit increase.

Dr Ziggy Switkowski, Photo:

Dr Ziggy Switkowski, Photo:

Suncorp Chairman, Ziggy Switkowski, said the massive improvement was due largely to gains from its general insurance and banking divisions.

The company’s fully-franked final dividend rose from 10 to 40 cents per share at the announcement of the figures. There was also a special dividend of 30 cents per share, an improvement on last year’s dividend by 10 cents per share.

“After paying these dividends,” said Mr Swtkowski, “the group will still hold more than $831 million of additional capital above the company’s conservative operating targets.”

That the business banking sector should contribute to this year’s phenomenal profit is good news for investors. Last year Suncorp’s business banking sector announced a $343 million dollar loss. In the space of 12 months this has been turned around to a $228 million profit.

But it was the general insurance division that was the prime-mover. It increased its profits by 14 per cent to $1.01 billion.

The much smaller life insurance division boosted its profits by 50 per cent, contributing a handsome $92 million to the overall figure.

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