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AMP reports 33% H1 profit growth and buyback
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AMP reports 33% H1 profit growth and buyback

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  • AMP delivered a 33% increase in first-half underlying net profit after tax to $174 million.
  • The company announced a $150 million on-market share buyback alongside a 3-cent per share dividend.
  • Earnings growth in wealth management and expanding overseas partnerships continue to drive capital generation.

Financial services provider AMP (ASX:AMP) reported a 33% increase in first-half underlying net profit after tax to $174 million.

Statutory net profit after tax rose 57% to $154 million while total assets under management reached $167.6 billion.

"AMP's first half results reflect the momentum we are building in our wealth and retirement businesses," said AMP CEO Blair Vernon.

The company declared an interim dividend of 3 cents per share alongside a $150 million on-market buyback.

Following the announcement, the AMP share price was up at $2.18 as management maintained its capital return strategy.

Earnings from the company's China partnerships more than doubled to $56 million during the six-month period.

Platforms net cashflows increased 33% to $3.1 billion as Superannuation & Investments achieved its first positive half-year cashflow since 2017.

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