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Suncorp Bank has said it will rely on brokers as it aims to keep growing market share outside its Queensland base.
The bank’s head of intermediaries, Steven Degetto, told The Adviser that the third-party channel is critical to Suncorp’s lending strategy and growth.
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“Our broker partners have played a particularly important role in our customer acquisition and portfolio diversification strategy outside of Queensland, supporting our expansion into key growth corridors over recent years,” he said.
“As at 30 June 2014, 42 per cent of the bank’s home lending portfolio was originated outside of Queensland.
“As we look forward, the bank will also continue to refocus its growth efforts on its home state of Queensland and our broker partners will be an important part of achieving our goals and realising our full potential in this market.”
Suncorp Bank recently reported an annual profit of $228 million – a 166.5 per cent turnaround from the $343 million loss delivered the year before.
Mr Degetto said Suncorp was well placed to operate in the “intensely competitive” mortgage environment and would invest in the third-party channel over the coming year.
“We know some brokers are looking at diversifying their businesses, with SME and commercial markets increasingly becoming an area of opportunity and interest,” he said.
“Suncorp Bank will continue to look at how to best partner with brokers on this front, where it makes sense to do so.
“The delivery of the bank’s new banking platform, Project Ignite, remains a key priority and will improve the way the bank conducts business and meets the needs of our broker partners and customers.”
[Related: Suncorp increases commissions]
