AMP’s subdued half-year result
Despite having largely exited its financial advice businesses, AMP Limited has reported a subdued half-year result with both revenue and net profit down.
The company has told the Australian Securities Exchange (ASX) that revenue was down 3.5% to $1,376 million translating to net profit for the period being down 4.9% to $98 million.
The company pointed out that underlying net profit after tax was up 9.2% to $131 million and noted that the decline in net profit after tax “primarily reflected planned business simplification and litigation costs.
Commenting on the result, AMP chief executive said it highlighted the firm’s continued discipline and delivery of strategy and a pivot towards growth.
“We are building on the strong cashflow momentum in our wealth businesses, while maintaining disciplined growth in bank lending as we expand our new digital offer AMP Bank GO,” she said.
George said AMP’s cashflows trends are particularly encouraging, reflecting greater flows from new and existing advisers into its North platform.
The company’s analysis of its business units confirmed North as a continuing strength with underlying NPAT increasing 7.8% to $58 million, while its superannuation and investment business reported underlying NPAT of $34 million after managing to stem cash outflows.
AMP Bani reported underlying NPAT of $36 million reflecting improvements in margins driven by growth in the higher margin investor segment.
I think these numbers are too low. Especially if you live in major cities. I try to ensure none of…
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Always back self interest when a body is marketing a submission to the government
In other words the system is achieving what the government wanted to happen.
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