Brisbane-based allfinanz company Suncorp expects its profits to rise at least 25% this year due to strong performances in its insurance, banking and wealth management businesses.

The group posted a profit of $384 million for the year to June 30 2003, excluding a $30 million pre-tax profit from the sale of its interest in Cashcard, which was finalised in March. It is expected to report its 2004 results in August.

CEO John Mulcahy told the ASX the company’s performance so far this year has been in line with expectations.

In February, Suncorp’s reported interim profit rose 81% to a record $281 million, the strong first half putting it on track for a good full-year result.