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Suncorp Group full-year net profit drops 1.5% YOY

Suncorp Group Ltd. full-year net profit declined 1.5% year over year.

Net profit after tax for the year ended June 30 dropped to A$1.06 billion, or 80.54 Australian cents per share, from A$1.08 billion, or 82.55 cents per share, in the year ended June 2017.

Cash earnings for the year were A$1.10 billion, or 83.37 cents per share, versus A$1.15 billion, or 87.72 cents per share, in the previous year.

Suncorp's Australian insurance business delivered profit after tax of A$739 million, up from A$723 million year over year. Profit after tax from the New Zealand insurance business jumped to A$135 million for the year ended June 30 from A$82 million a year prior.

The group's insurance premium income was A$10.50 billion for the year ended June 30, compared with A$10.34 billion in the prior year.

The banking and wealth business contributed profit after tax of A$389 million for the year ended June 30, down from A$400 million recorded a year earlier. Net interest income from the business increased to A$1.18 billion from A$1.13 billion year over year.

Bank net interest margin stood at 1.84% as of June 30.

Bank common equity Tier 1 ratio came in at 9.07% at June 30, versus 9.23% as of June 30, 2017.