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AMP posts $382m profit

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By Scott Hodder
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2 minute read

AMP’s first half-year net profit has decreased by three per cent to $382 million from the same time last year, but the company has increased its underlying profit by 16 per cent to $510 million.

Commenting on the results, AMP chief executive Craig Meller said 16 per cent growth in underlying profit was a “solid result” and AMP had made good progress on its strategy to be a “leaner and more efficient” organisation.

“We are continuing to transform our core Australian business with a market-leading mobile platform launched and a new operating model in place to focus on the customer and to drive sustained growth as the Australian wealth industry doubles in size by 2022,” said Mr Meller.

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“It is particularly pleasing to see AMP’s offshore strategy already delivering good cash flows while building strong growth potential in the long term from partnerships with national champions in China and Japan,” he said.

Mr Meller said AMP’s board had announced a nine per cent increase in its interim dividend to 12.5 cents per share compared with 11.5 cents per share for the 2013 interim dividend.

“This represents a payout ratio of 73 per cent of underlying profit and we are continuing to neutralise the impact of the dividend re-investment plan by buying shares on market,” said Mr Meller.

Mr Meller also said AMP Capital’s investments continued to improve, with 76 per cent of funds under management meeting or exceeding client goals over the three years to June 2014.

AMP posts $382m profit

AMP’s first half-year net profit has decreased by three per cent to $382 million from the same time last year, but the company has increased its underlying profit by 16 per cent to $510 million.

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