Suncorp net profit doubles to $780m

SUNCORP-METWAY Ltd more than doubled full-year profit as the regional bank and insurance company says its recovery is well under way.

Net profit rose to $780 million for the 12 months to June 30 compared with $348 million in the prior corresponding period, Brisbane-based Suncorp said in a statement on Wednesday.

The company said each of its main businesses of insurance, banking and life delivered improved underlying results.

Chief executive Patrick Snowball said 2009/10 had been one of significant change.

"Suncorp is making good progress in recovering from the challenges that became apparent during the global financial crisis," he said.

"Over the course of the financial year, we stabilised the Group, strengthened its balance sheet and capital position, appointed a new executive team and laid the foundations for sustainable growth."

Suncorp declared a final dividend of 20 cents per share fully franked, bringing the full year payment to 35 cents.

The general insurance profit rose 34 per cent to $557 million despite major weather events in Melbourne and Perth.

Its banking profit came in at $44 million while the life division profit came in at $222 million.

Mr Snowball said the company's capital position strengthened significantly over the financial year due to improved operational earnings, the non-core banking run off and the sale of LJ Hooker and the motor club joint ventures.

The Tier 1 capital position rose two percentage points to 13.23 per cent.