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Suncorp Group Provides an Update on Banking and Wealth

17 May 2021  |  09:18:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Suncorp Investor Forum - Banking & Wealth

Suncorp Group provided an update on banking and wealth. Revenue is driven by above-system lending growth, partially offset by NIM reduction from cost of funds and expected market repricing. Cost efficiencies are driven by investment in digitisation and automation, self-service capability, and optimised distribution. Bank NIM up 8 basis points to 2.04%, supported by strong deposit growth.

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