Suncorp Metway Ltd (ASX:SUN) has more than doubled its annual net profit to $780 million for the year to 30 June, up from $348 million the year before.
The bank insurer says each of its business lines delivered improved underlying results, with profit after tax up 37 per cent on the year before, aided by the sale of assets.
The sale of the LG Hooker subsidiary and Suncorp's joint venture in RACQ Insurance and RAA Insurance delivered pre-tax profits of $215 million.
CEO Patrick Snowball says company is recovering well from the challenges of the GFC.
Throughout the year Mr Snowball advises Suncorp has strengthened its balance sheet, appointed a new executive team and clarified its strategic direction.
A fully franked final dividend of 20 cents has been declared.
Suncorp Metway reported a profit of $348 million for the year to 30 June 2009.
SUN Price at posting:
$7.78 Sentiment: None Disclosure: Held
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