Suncorp dials down on developer and agri
Suncorp Bank pivoted its business mix toward household lending over the March 2017 quarter as it pared back total lending to sensitive business sectors."Business lending growth was flat, with strong new business volumes offset by repayments from successfully completed property developments and favourable conditions for agribusiness customers leading to repayment of loans," David Carter, Suncorp banking and Wealth CEO, said yesterday."We responded early to signals by the regulators to improve our position in relation to changes to macro-prudential settings, particularly APRA's interest-only and investor lending," Carter said. Suncorp said it "expects modest growth in home and business lending as our competitors align to more conservative positions."