Australian shares are poised to slip. Commonwealth Bank has lifted its cash profits to $10.16 billion. Suncorp declares 27¢ dividend. Follow updates here.
Suncorp says the delayed sale of its banking arm is among the reasons for keeping a tight rein on dividends, with its payout at the lower end of its guidance to investors.
The insurance-banking giant made the comments as its cash profits for the full-year came in at $1.254 billion, up $673 million on the previous year. Part of the gain was linked to mark-to-market losses hitting the bottom line in 2022. That is at the bottom of its target payout ratio of 60 per cent to 80 per cent. In the previous year, it paid out 75 per cent of earnings.
Suncorp said the payout ratio reflected its “disciplined approach to managing capital in the context of the current environment”, the higher costs of its own reinsurance disaster protection, and “as it works through the tribunal process relating to the sale of the bank”.
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