News: Suncorp mulls non-core bank sale

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Suncorp Group Limited (ASX:SUN) hopes to sell most of its non-core bank four years after it was established, according to media reports. 

 

Bank sources have reportedly told media that a sale of the non-core bank portfolio was being considered by one or several buyers. 

 

Last month, Suncorp said it would reduce its non-core portfolio to below $2.7 billion by June.

 

Suncorp Bank's total lending jumped 11.2 per cent in the March quarter to $46.7 billion, from $41.9 billion in the previous corresponding period.

 

The company’s business loans swelled 12 per cent to $9.6 billion, from $8.57 billion on year. 

 

Suncorp posted a net profit of $577 million for the first half of the current financial year.