Patrick Snowball Suncorp Group
Patrick Snowball, CEO of Suncorp Group, presented to the Morgans network this morning following the company's record result released yesterday.
SUN's FY14 reported NPAT of A$730m was about 3% above consensus expectations of A$706m (CIMBe: A$683m) and was driven by results slightly above consensus in all key divisions.
A special dividend of 30cps is the key surprise versus consensus of 24cps, taking the total dividend for the full year to 105cps versus consensus expectations of 99cps. SUN still has A$831m of excess capital, so we believe they already have the capital available to do another A$300m special dividend next year.
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