AMP flags chequered first half to ASX
AMP Limited has delivered the market a heads-up on a first-half result impacted by market volatility and a credit loss provision within AMP Bank.
The company said that while its first-half results were still being finalised, it expected to report underlying profit for retained businesses in the order of $140 million to $150 million.
“The results have been impacted by a range of factors including market volatility and a credit loss provision in AMP Bank,” the company told the Australian Securities Exchange (ASX).
However, it said that earnings within its Australian wealth management division would be approximately $60 million with the expected average assets under management 6% lower at $126 million.
AMP said that net cash outflows were estimated to be $4.4 billion, impacted by the Government’s early release of superannuation scheme of $900 million and the loss of corporate super mandates of $1.3 billion, as previously advised.
It said expected North net cash inflows of $2.0 billion represented a 52% increase on the 2019 first half.
Recommended for you
LGT Wealth Management is maintaining a neutral stance on US equities going into 2026 as it is worried whether the hype around AI euphoria will continue.
Tyndall Asset Management is to close down the Tyndall brand and launch a newly-branded affiliate following a “material change” to its client base.
First Sentier has launched its second active ETF, offering advisers an ETF version of its Ex-20 Australian Share strategy.
BlackRock has revealed that its iShares bitcoin ETF suite has now become the firm’s most profitable product line following the launch of its Australian bitcoin ETF last month.
