Reporting its financial results via the ASX yesterday, AMP said it had reached a net profit of $972 million for the full year, up from $884 million in the previous year.
Across the company’s individual businesses, AMP reported that its investment management business, AMP Capital, experienced a 20 per cent increase in profit to $138 million up from $115 million in the previous year, and a 14.3 per cent increase in profit across its banking business to $104 million.
AMP added that strong net cash flows helped drive the wealth management operating earnings by 10 per cent to $410 million, while retail and corporate super net cashflows on AMP platforms increased 5.0 per cent to $3.78 billion.
Commenting on the company’s result, AMP chief executive Craig Meller said this was a “good result” despite “challenging markets” in the second half of the year.
“Momentum continued across Australian wealth management and AMP Capital, which delivered a particularly strong result as our international investment management profile expands, both in China and more broadly,” Mr Meller said.
“Our business efficiency program is on track and we continue to focus on the improvement of our wealth protection business, with the new claims process providing a better outcome for customers and shareholders.
“AMP has a clear focus to be a more customer centric, efficient and international organisation. The execution of this strategy is unlocking the long-term potential of our business, which we are confident will continue to deliver value for our shareholders.”
Fortnum hires former Centric Wealth CEO
SMSF Association names new chair
Avenir Capital hires investment director
Striking a balance between security and innovation
Backing China in the Year of the Dog
The benefits of good data governance