In a statement on the Australian Securities Exchange (ASX), Suncorp forecast an overall NPAT of between $480 and $500 million for 2012/2013, which is down from a $724 million profit in the previous financial year.
The fall in profit is largely down to a $630 million loss in a portfolio of poorly performing loans known as Suncorp’s ‘non-core’ bank – a majority of which was sold to Goldman Sachs in June.
Suncorp Group chief executive Patrick Snowball said "The 20 per cent increase in NPAT from core businesses reflects the improved performance of the group and this has been taken into account in calculating the final dividend".
Shareholders will receive a final ordinary dividend of 30 cents per share and a special dividend of 20 cents per share, bringing the full year dividends of 75 cents per share.
Suncorp chairman Ziggy Switkowski said “It was pleasing to reward loyal shareholders and return some of the capital raised during the global financial crisis with another special dividend.”
The group said this was well above the dividend pay-out guidance of 60 per cent to 80 per cent of earnings.
At the time of the non-core sale announcement in June, Mr Snowball said it was “A significant turning point and the non-core portfolio will no longer divert attention from the real progress being made across our business”.
