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Suncorp Group Limited (ASX:SUN) has sold a non-performing $1.6 billion loan portfolio to Goldman Sachs for 60 cents in the dollar.
The sale follows a Suncorp announcement that it would reduce its non-core portfolio to below $2.7 billion by June.
In addition to the portfolio sale, the group expects further sales of $500 million in June and $200 million in July.
It leaves a residential portfolio of $500 million worth of loans.
As a result, Suncorp expects the non-core portfolio to incur an after-tax loss of between $470 million and $490 million in the second half of this financial year.
Suncorp generated a net profit of $577 million for the first half of the current financial year.
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$20.99 |
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Mkt cap ! $22.73B | |||
| Open | High | Low | Value | Volume |
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| SUN (ASX) Chart |