AMP Limited (AU:AMP) has released an update.
AMP Limited has reported a modest increase in underlying net profit after tax (NPAT) by 5.4% to $118 million in the first half of 2024, driven by growth in its wealth businesses, disciplined cost management, and a strong focus on capital returns, including a $963 million return to shareholders since August 2022. Despite a downturn in the bank’s NPAT due to net interest margin compression, the company’s platforms and superannuation & investments sectors showed improved net cashflows and underlying NPAT. The company is also advancing its strategic initiatives, such as the anticipated launch of a digital small business bank and a transformational partnership in its Advice sector, which is expected to enhance AMP’s service offerings.
For further insights into AU:AMP stock, check out TipRanks’ Stock Analysis page.
