Suncorp-Metway Ltd, Australia's second-biggest car and home insurer, reaffirmed its full year earnings guidance on Thursday and said its funding programme was on track.
Suncorp-Metway, which is also Australia's sixth-biggest lender, said it expected high single digit growth in profit before tax and bad debts for is banking division, and an insurance trading ratio of 10-12 percent for its general insurance business.
Suncorp Chief Executive Officer John Mulcahy said in a statement that while the group's non-performing loans had historically been higher, its actual write-offs as a proportion of total lending had been around two-thirds of the average of the major Australian banks.
"We have no reason to believe that this percentage will not hold true during this credit cycle," Mulcahy said on Thursday.
He added that Suncorp was on target to achieve its funding requirements for the financial year ending, having raised over A$1 billion ($787 million) in private placements in the term debt market since June.
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