AMP records ‘solid year of growth’ with 15% profit rise

AMP Ltd (ASX:AMP) says its underlying net profit after tax grew as much as 15.1% throughout the 2024 fiscal year on the back of strong performances in the wealth businesses.

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The company today reported on a year with “increased innovation,” including the introduction of digital advice.

The overall number for underlying NPAT was $236 million in FY24, up from $205 million.

The superannuation and investments business also performed strongly, with underlying NPAT up 26.4% to $67M (from $53M in FY23), underpinned by solid market conditions, lower variable costs, and stronger cashflows.

However, AMP did record a 22.6% fall in underlying profit, with the number set at $72M for FY24, down from $93M in FY23. This was, the company said, due to continuing management of volumes as well as margins during the process of developing the new digital bank its working on.

But New Zealand Wealth Management did see an increase of 8.8% in underlying NPAT for FY24, which was $37M, up from $34M in FY23.

Chief Executive Alexis George said it had been a year of steady improvements.

“2024 was another year of strategic delivery for AMP as we build positive performance momentum and focus firmly on growth,” she said.

“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.

“In our North platform, there has been continued adviser take up of our innovative retirement products and managed portfolios, which is driving inflows. In Superannuation & Investments, our strong member proposition, including top-quartile investment returns for the year, are supporting the continued improvement in cashflows.”

AMP has been trading at $1.75.

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