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.