Suncorp Group Chairman John Story has said that even the group has increased profits by 41 per cent on last year, the Suncorp Board was to remain conservation regarding the level of capital to be retained by the business. He said the external environment was still volatile and the regulatory environment was still evolving.
Accordingly, the Board had decided to pay a dividend of 15 cents per share for the half, which is slightly below the bottom end of the Suncorp Group’s target payout ratio of 50% – 60% of cash earnings.
“By retaining higher levels of capital, we will be in the strongest possible position to deal with any unanticipated short term issues that may present over the next six months,” Mr Story said.
“Should these events not occur and as the non-core banking book runs off, it remains the Suncorp Board’s firm position that capital in excess to normal operating requirements should be returned to shareholders.”
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