Cameron happy with Suncorp Bank
"We're happy with how things are going in the bank," new Suncorp CEO Michael Cameron told an investor briefing on Monday.One interlude in a session devoted to the wreck of its insurance margin noted a robust counterpoint on bank margins.An analyst reminded Cameron of "net interest margin guidance of 1.75 per cent to 1.85 per cent. "Given the pricing action that banks have taken on standard variable rates over the last few months, should that lead to your margin tracking up through to the top end of your guidance?" the analyst asked.Cameron leapt at it: "We certainly think that interest margin will be around the top end of the guidance," he said."The first quarter was very strong. So far in this quarter [there's] a lot more intense competition. "You're right though, we did get the benefit of a 16 basis point increase that I think went through on 2 November so we'll continue to push ahead, but it, as you know, continues to be a fairly competitive environment."