News

‘Absolutely necessary’ to operate in low interest rate environment during COVID


Suncorp CEO Steve Johnston says while the company has been operating in a low interest rate environment, competition is “kicking up”.

“We have been operating in a low interest rate environment, and that’s been absolutely necessary through the COVID situation,” he told Sky News Australia.

“There’s also been some stimulatory support on the funding side for all banks.

“So, the erosion of net interest margin is not a Suncorp story particularly, it’s an industry-wide story, and competition is kicking up as others have reported in recent times.”



Source link

Leave a Reply

Your email address will not be published.