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Suncorp today reported a slide in annual profit for the 2008 financial year of 47.7 per cent to $556 million. This compared to over $1 billion for the prior period.
Suncorp chairman John Story said it had been “one of the most challenging years in recent history” for financial services but despite the headline result, the business remained “fundamentally sound”.
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In response to the impact market conditions have had on the bank, Suncorp revealed it would merge its retail and business banking operations to improve cost management.
Suncorp advised the market earlier in August that its profit would fall to between $525 and $550 million.
Published: 26-08-08
