It has been reported that the core business of Suncorp – Metway Ltd. is now “sound” and that the losses have declined by a huge amount in the last quarter compared to the previous losses.

The core assets of the company have, in the light of the new profits recorded, been declared as “worth retaining”. The bank’s core lending operations revolve around mortgages, loans to medium and small businesses and personal banking.

The bank has shown tremendous improvement in its core business which saw a loss of about $9 million in this quarter as opposed to the $18 million in the previous quarter. In spite of facing belligerent competition in the market, the bank is in a good position to acquire more deposits in support of the lending growth.

Although the core business is proving to be sound, the bank continues to dispose the non – core assets, that includes structured finance, property investment, lease finance and development finance, which has seen a loss of about $126 million, much lesser than the $200 million loss seen in the previous quarter. With the hope that the economy runs correctly, the bank could have a very bright future.