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Bad debts and spiralling insurance claims due to recent severe weather have hit Suncorp with the bank today revealing a 32.8 per cent drop in profit for the half year to 31 December 2008.
For the half year, Suncorp’s net profit after tax was $258 million, compared to $384 million in the prior corresponding period.
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Outgoing chief executive John Mulcahy said that while the headline result was disappointing each of the business lines had achieved strong growth and were competing strongly in their market segments.
Chairman John Story said the board was satisfied that Suncorp was “now well placed to manage through the current conditions”.
