Suncorp’s profit hit by disaster claims

Company News

by Rachael Jones

Finance company Suncorp (ASX:SUN) reported net profit is down 44.7 per cent to $250 million from $452 million for the first half of 2018.

This was due to a writedown and a spike in natural-disaster claim costs.

Total revenue increased by 4.3 per cent to $7.51 billion from the prior corresponding period.

Cash earnings down 12.5 per cent to $413 million from $472 million in the first half of 2018.

A dividend of 26 cents per share was declared.

Citi bank's analyst profit target for Suncorp was $476 million.

Shares in Suncorp (ASX:SUN) are trading 5.11 per cent lower to $12.80.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.