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Suncorp has frozen its director’s fees after posting a 37 per cent drop in net profit after tax.
According to the bank, net profit fell from $583 million to $348 million over the last year.
Bad debts crippled the company’s banking arm, driving its share price down to make it the cheapest of all the banks and insurance firms in price-to-book terms.
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Lending growth slowed over the course of the year, consistent with the slowing domestic economy and the Bank’s stated objective of running off non-core portfolios.
Profit before tax, bad debts and one-off items rose to $781 million from $668 million in 2008.
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