Aug 7 (Reuters) - Suncorp Group Ltd (SUN) :
- PROJECT SLATE WILL BE INCREASED FROM $180M IN FY19 TO $260M IN FY20
- SUNCORP SEES FY20 REGULATORY PROJECT COSTS OF $155M TO ADDRESS ROYAL COMMISSION RECOMMENDATIONS, APRA SELF-ASSESSMENT ACTIONS, AMONG OTHERS
- NEW ZEALAND’S STRONG PERFORMANCE WILL CONTINUE INTO FY20 HOWEVER GROWTH IS EXPECTED TO RETURN TO LOWER SINGLE-DIGIT LEVELS
- ANNUAL REGULATORY PROJECT COSTS EXPECTED TO PEAK IN FY20 AND DECLINE TO APPROXIMATELY $100M IN FY21
- WILL BE DIFFICULT TO ACHIEVE AN ROE TARGET OF 10% IN FY20
- LOWER RUNNING YIELDS DUE TO LOWER RISK-FREE RATES, CREDIT SPREADS WITH ABSENCE OF MARK-TO-MARKET GAINS, LIKELY TO IMPACT INSURANCE RESULTS
- BANKING & WEALTH DIVISION NIM EXPECTED TO REMAIN UNDER PRESSURE IN MEDIUM DESPITE WHOLESALE FUNDING COSTS STARTING TO EASE
- INCREASE IN NATURAL HAZARD ALLOWANCE & COST OF STOP LOSS COVER TO IMPACT ABILITY TO ACHIEVE TARGET OF AT LEAST 12% UNDERLYING ITR IN FY20
News: SUN Suncorp Group Sees FY20 Regulatory Project Costs Of $155 Mln
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