Suncorp Group

Suncorp has taken a huge step towards eliminating its remaining $2.8bn portfolio of risky property development and corporate loans harking back to the GFC. Goldman Sachs has paid 60 cents on the dollar for a $1.6bn portfolio of loans, crystallising an after-tax loss of almost $500m for Suncorp. Further sales and maturities should reduce the outstanding amount to a very manageable $500m by July, though despite 50% provisions for impaired loans there could still be further losses. With its insurance business firing on all cylinders, the timing of media-shy chief executive Patrick Snowball appears perfect, as management can now...

Suncorp has taken a huge step towards eliminating its remaining $2.8bn portfolio of risky property development and corporate loans harking back to the GFC. Goldman Sachs has paid 60 cents on the dollar for a $1.6bn portfolio of loans, crystallising an after-tax loss of almost $500m for Suncorp. Further sales and maturities should reduce the outstanding amount to a very manageable $500m by July, though despite 50% provisions for impaired loans there could still be further losses. With its insurance business firing on all cylinders, the timing of media-shy chief executive Patrick Snowball appears perfect, as management can now focus on improving the underlying profitability of the business in a slowing economy.

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