Suncorp Bank’s 3Q18 Update Confirms Guidance and Highlights Low Loan Losses. FVE AUD 13 Unchanged
There are no major changes to our long-term view following the third-quarter fiscal 2018 update on Suncorp Bank’s loan quality, capital, and funding. Our AUD 13 fair value estimate is unchanged and at current prices, the firm is modestly overvalued, trading 7% above our valuation. Suncorp reaffirmed the bank’s fiscal 2019 target cost/income ratio around 50% and net interest margin 1.80-1.90%. We forecast the bank’s net interest margin to stabilise at 1.87% over our forecast period, comfortably w...Suncorp Group is engaged in the general insurance, banking, life insurance, superannuation products and related services to the retail, corporate and commercial sectors. Co.'s segments are: Personal Insurance, which include home and contents insurance, motor insurance and travel insurance; Commercial Insurance, which include commercial motor insurance, commercial property insurance and marine insurance; General Insurance, which include home and contents insurance, motor insurance, marine insurance; Bank, which include personal and commercial banking; and Life, which include financial planning and funds administration services.
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