Shrinking Suncorp hits another tough quarter as home lending dips

Suncorp has revealed it went through a tough September quarter with its home lending portfolio falling by $64 million as business and agribusiness loans also fell away.


Nov 10, 2023, updated Nov 10, 2023
Suncorp's home loan portfolio contracted in the September quarter (AAP Image/Dave Hunt, file)

Suncorp's home loan portfolio contracted in the September quarter (AAP Image/Dave Hunt, file)

In its quarterly report, Suncorp said momentum in loan volume did return with positive growth and an uptick in volume in September.

Business lending fell by $107 million in the quarter while its agribusiness fell $134 million, which Suncorp said was in line with seasonal trends.

Commercial lending grew by $16 million while the small and medium business lending was also up by $11 million.

“Household deposit growth for the quarter was below strong system growth levels in a period of intense competition as customers became increasingly responsive to higher yielding products,” Suncorp said.

“The bank grew both retail term deposits (44 per cent annualised) and savings account balances (9.3 per cent annualised) as average account balances approached pre-Covid levels.”

Gross impaired assets decreased $25 million to $76 million with decreases across all lending portfolios.

Suncorp said it maintained a high quality and conservatively-positioned home lending portfolio which was weighted towards well-funded owner-occupiers.

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Shares in Suncorp fell more than 1 per cent on the announcement.




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