Capital return on cards at Suncorp
Suncorp is sticking to its aspiration, outlined two months ago, to return capital to shareholders and make use of surplus franking credit.John Story, the outgoing chair of the board of Suncorp, told yesterday's annual meeting in Brisbane that this remained the board's preference, and that "the position will be reviewed once markets stabilise."Patrick Snowball, chief executive of Suncorp, put the level of surplus capital at A$1.2 billion compared with net assets of $14 billion at June 2011.Snowball, meanwhile, told the meeting that Suncorp needed to "step up the pace of transformation" in the business.