CANBERA (dpa-AFX) - Australia's Suncorp Group Ltd. (SUN.AX, SNMCY.PK) reported Monday that its first-half profit attributable to owners of the company grew to A$582 million from last year's restated A$552 million.
Earnings per share grew to 45.09 cents from 42.23 cents a year ago.
Profit after tax increased by 5.4 percent primarily driven by a significant improvement in investment income.
Profit before income tax was A$870 million, up from prior year's A$802 million.
Insurance revenue increased to A$6.70 billion from last year's A$5.94 billion.
Further, the Board announced a fully franked interim ordinary dividend of 34 cents per share.
Suncorp, which is in deal to sell Suncorp Bank to Australia and New Zealand Banking Group Ltd (ANZGY, ANZ.AX), said it now expects the sale to complete around the middle of the 2024 calendar year.
It was in July 2022 that the companies agreed for the deal, which was denied authorisation by the Australian Competition and Consumer Commission or ACCC in August 2023.
However, on February 20, 2024, the Tribunal granted authorisation of the planned sale of Suncorp Bank to ANZ.
The sale remains subject to the amendment of the State Financial Institutions and Metway Merger Act 1996 (Qld) and approval from the Federal Treasurer under the Financial Sector (Shareholdings) Act 1998.
The estimated cash consideration for the sale of A$4.90 billion is subject to standard completion adjustments.
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