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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.

More information

Clients can sign in to view our latest research report for Suncorp Group (SUN). Alternatively contact your nearest Morgans office if you would like to discuss joining Morgans and accessing our research.

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