Suncorp Group (ASX:SUN) has released a letter from the Chairman, Christine McLoughlin AM to shareholders regarding the company's 1H23 Financial Results.
The Group reported improved earnings with a profit of $60M, driven by continued strong top-line growth across the Group, improved underlying margins, and positive investment returns.
Its also determined to pay a fully franked interim ordinary dividend of 33 cents per share and the Group’s half year dividend payout of 71% of cash earnings is within the target payout ratio range of 60% to 80%.
Suncorp Group says it's in the process of divesting its Suncorp Bank to the ANZ Banking Group which is expected to complete in the second half of calendar year 2023.