AMP flags chequered first half to ASX

31 July 2020

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. 




Amp isnt getting any business as one likes them anymore, they are the backyard bully that the skinny kid finally stood up to. Long live the skinny kid!

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