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Suncorp expects a significant slowdown in lending in the group's banking operations in the current financial year, chief executive John Mulcahy said. On Friday the group said net profit after tax for the year to June was expected to be between $525 million and $550 million. Last year Suncorp's NPAT was $1.06 billion. This is largely a function of the declining value in the group insurance reserves, and by more than most in the market anticipated. The banking division will report earnings of between $630 and $635 million after bad debts and before tax. Last year the banking division contributed $569 million. The bad debt expense for the year is expected to be between $70 and $75 million. Suncorp chief financial officer Chris Skilton said impairment would be less than the average of the big banks. He said the main area of stress in the Suncorp loan book was the New South Wales property market.
