Finance Finance News Suncorp’s first-half profit halved to $250 million

Suncorp’s first-half profit halved to $250 million

Suncorp has taken a profit hit.
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Suncorp’s first-half profit has almost halved to $250 million, with the financial services provider citing the impact of natural hazards and volatile investment markets.

The drop from $452 million in the prior corresponding period was made more dramatic by a $145 million writedown on the sale of its Australian life insurance business, but profit from ongoing operations still declined 11 per cent.

Profit from continuing operations at Suncorp’s banking and wealth unit fell three per cent to $183 million, driven by a decline in net interest margin over the six months to December 31 partly related to rivals’ aggressive mortgage pricing.