Suncorp-Metway Full-Year Profit Drops as Much as 39%

Suncorp-Metway Ltd.’s full-year profit fell as much as 39 percent in the year to June 30 as investment losses cut earnings at its insurance unit.

Profit after tax and Promina Group Ltd. acquisition charges was between A$340 million ($286 million) and A$360 million, the Brisbane-based company said in a statement today based on un-audited figures. That’s down from A$556 million a year earlier. Suncorp, the nation’s fifth-biggest bank and third-largest insurer, fell 1.3 percent to A$7.90 in Sydney, snapping a five-day, 13 percent rally.