Suncorp will outperform rivals: CEO
Suncorp will outperform its banking competitors with its conglomerate banking and insurance strategy, says CEO John Mulcahy. All divisions are now operating well, he said, and investors can expect more following Suncorp's already-impressive 61 per cent profit surge for 2003-04. Mulcahy pointed to Suncorp's better relative position on the banking and general insurance cost curves and cross selling synergies. In Queensland, for example, 63 per cent of Suncorp's home-loan customers also use its home insurance. Nearest competitor Commonwealth Bank has a sell-on ratio of 31 per cent. Suncorp is also expanding branches outside Queensland to grow retail deposits and lending.