News: Suncorp shareholders cash in

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Suncorp Group Limited (ASX:SUN) will pay a higher than expected full year dividend of 75 cents after finalising the $940 million sale of its non-core asset portfolio to Goldman Sachs.

 

Suncorp Financial says it will pay a final ordinary dividend of 30 cents per share and a special dividend of 20 cents, beating market expectations.

 

Suncorp says the group is in a position to pay "well above" its dividend payout guidance of 60 per cent to 80 per cent of cash earnings, now that the non-core bank overhang has been removed.

 

Net profit from core businesses is expected to come in between $1.21 million to $1.25 million, up from $1.03 million last year.

 

Suncorp delivered a net profit of $577 million in the first half of fiscal 2013.