REPORTING SEASON: Suncorp Group (SUN)

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Figure 1: Suncorp Group 12 month chart

 

QLD based financial services company, Suncorp (SUN), announced a 32% fall in FY13 (July 2012 – June 2013) profit to $491m.

The result was worse than consensus but in line with SUN’s own weaker guidance flagged mid-July.

SUN’s bottom line has been impacted by Cyclone Oswald (as was QBE), the sale of its non-core bank assets ($632m loss) & a 76% drop in earnings from its life insurance business.

A $0.30ps dividend and a $0.20ps special dividend was already announced by SUN at the end of July.

 

You can see all of CommSec’s reporting season analysis by clicking here.

Steven Daghlian, Market Analyst,