Free of advice, AMP alerts improved dividends | Australian Markets
AMP Restricted reminded buyers that its capital management program has resulted in $1.1 billion being returned to shareholders since August 2022 because it introduced a full-year outcome centred on a 15.1% increase in underlying internet revenue after tax however a decline in statutory NPAT.
The decline in statutory NPAT mirrored the loss on the sale of the advice business.
The outcome, the primary since AMP’s substantial exit from its financial planning licenses, additionally noticed the Board declare a last dividend of one cent per share, 20% franked with two cents per share focused for the primary half of 2025.
AMP chief government, Alexis George described it as one other yr of strategic supply for the company.
“We sold and transitioned the Advice business, hit cost targets and completed our $1.1 billion capital return program. Our wealth businesses are competing strongly in their chosen markets, driving positive performance, and we’re launching new offers including digital advice,” she mentioned.
“Having successfully completed the Advice transaction in December 2024, AMP is positioned to drive growth and build on opportunities in our wealth businesses to become a pre-eminent retirement specialist, and as a leading digital bank.”
AMP’s define of its divisional efficiency emphasised the significance of its North Platform with underlying internet revenue after tax rising 18.9% to $107 million, which the company mentioned was pushed by sturdy market situations, optimistic internet cashflow momentum and value self-discipline.
“During FY 24, North signed 99 new distribution agreements with AFSLs, and activated ~140 net new advisers with FUA >$1 million (net figure excludes advisers exiting the industry). AMP’s innovative retirement solutions continue to drive new adviser interest in North,” the outcomes commentary mentioned.
It mentioned underlying revenue within its superannuation and investments business elevated by 26.4% to $67 million with internet money outflows (excluding pension funds) of $1 billion bettering from internet money outflows of $6.4 billion within the 2023 financial yr ensuing from a mandate loss.
It mentioned AMP bank recorded underlying internet revenue after tax of $72 million, down from $93 million in FY2023.
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