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Suncorp attracting term deposit money

25/02/2010

High term deposit and savings interest rates are attracting more retail cash into Suncorp Bank. The bank increased retail funding by 6.8 per cent half on half, including a 10.6 per cent increase in term deposits.

Suncorp chief executive Patrick Snowball said retail deposit funding, at 69 per cent of total funding, was at the high end of the bank’s target range and would give the bank the opportunity to increase lending volumes. Total lending at December 2009 was $36.6 billion, down 0.7 per cent from June 2009.

Source: Banking Day



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