Wealth and North help AMP profit
AMP Limited has turned in a solid full-year net profit on the back of improved performances across a range of divisions including wealth management and AMP Capital.
The company announced to the Australian Securities Exchange (ASX) today that its net profit for the financial year ended 31 December was $704 million, up from $688 million a year ago.
The result has seen AMP declare a final dividend of 12.5 cents per share.
Commenting on the result, AMP chief executive Craig Dunn said the company's result demonstrated good momentum in earnings, particularly in its assets under management driven business.
He said the strong performance of the company's wealth management business reinforced the benefits of the merger with AXA Asia Pacific, including a suite of contemporary products and services that catered for all key market segments, supported by the company's financial advice network.
He said that following the merger with AXA, planner and adviser numbers had continued to grow strongly in Australia, with the success of the North platform having helped to increase market share in superannuation and retail managed funds.
"The ongoing strengthening of our core Australian business, along with our expansion into the self-managed fund sector and selected offshore markets through AMP Capital, continue to provide further opportunities for growth," Dunn said.
The AMP announcement said the company's planner and adviser network had grown at a faster rate than the market, with an increase of 209 advisers to 3636, while the North platform had tripled cashflows to $2.2 billion and Flexible Super had reached $7.3 billion in assets under management.
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