SUNCORP-METWAY (SUN.AX) reported great news to stake and equity holders as the company’s profits increased just over 100%. The company reported $780 million net income for fiscal year 2009 that ended June 30th, 2010, compared to $348 million from the same time last year. This is the first time net income has increased for Suncorp in the last three years. Meanwhile revenues grew 11% from $14.2 billion last year to $15.7 billion.

The banking and insurance group reported a net interest margin down 0.26%, as interest revenue derived from loans and interest rates paid on deposits are squeezed. However, the firm reported an increase in net interest income of $928 million as well as profits of $774 million under its insurance business segment. In restructuring efforts, the company also generated revenue from the sale of two joint ventures.

This news comes as the financial industry and other sectors attempt to fully recover from the global credit crisis. Suncorp has benefited from low interest rates, as consumers take advantage of the once low, now steadily increasing interest rates.

The company will pay the last dividend of the quarter of $.20 to shareholders.

The Suncorp-Metway group, based in Brisbane, has several main business segments: a banking division that specializes in property and equipment finance, and extending credit to homes and small businesses; commercial insurance, personal insurance, life insurance, and also auto and maritime insurance in New Zealand. The company plans to continue its restructuring, selling business assets and segments, in order to make the company less complicated and allow it to focus on its core competences.

Source: http://www.theaustralian.com.au/