Suncorp Group (ASX:SUN) NPAT up 422% YoY

Company News

by Katrina Bullock

Suncorp Group (ASX:SUN) net profit after tax was up around 422 per cent year on year to $913 million.

Cash earnings were down around 33 per cent to $749 million. This was a result of reduced profit from the Australian Insurance (down 33.9 per cent) and Banking & Wealth divisions (down 33.5 per cent).

Its insurance division in Australia recognised $85 million in additional claims provisions and risk margins to cover Covid 19 uncertainty, including landlord loss of rent and potential business interruption claims.

The board has declared a fully franked final ordinary dividend of 10 cents per share, down from 44 cents at this time last year. This brings the full year dividend payout to 36 cents.

Shares in Suncorp Group (ASX:SUN) are trading 8.29 per cent higher at $9.41.