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Highlights

  • AMP's underlying net profit after tax (NPAT) rose by 9.2% to AUD 131 million in 1H 2025.

  • AMP Bank’s new digital platform, AMP Bank GO, gained approximately 7,500 customers since launch.

  • Net cashflows in the Platforms business increased 98.7% to AUD 2.3 billion.

AMP Limited (ASX:AMP) has announced its financial results for the first half of 2025, posting a 9.2% increase in underlying net profit after tax (NPAT) to AUD 131 million, compared to AUD 120 million in the prior corresponding period. However, statutory NPAT fell slightly to AUD 98 million from AUD 103 million, primarily due to business simplification and litigation costs.

The company declared an interim dividend of 2.0 cents per share, 20% franked, consistent with its full-year guidance. The Dividend Reinvestment Program remains paused.

Business Unit Performance

Platforms
Platforms delivered an underlying NPAT of AUD 58 million, up 7.4% from the previous year. Net cashflows (excluding pension payments) surged by 98.7% to AUD 2.3 billion, driven by continued growth in Managed Portfolios, which reached AUD 21.8 billion. AMP's North platform added 34 new distribution agreements and activated 25 new advisers. Margins remained steady at 43 basis points, with tiered fee structures and Managed Portfolio expansion contributing to performance.

Superannuation & Investments
Underlying NPAT for the Superannuation & Investments segment was flat at AUD 34 million, impacted by the absence of a one-off investment gain recorded in 1H 2024. Revenue margins declined to 62 basis points due to fee caps and fixed fee components. However, net cash outflows improved significantly, from AUD 470 million in 1H 2024 to AUD 75 million. The segment achieved its first positive net quarterly cashflow since 2017 during the second quarter.

AMP Bank
AMP Bank’s underlying NPAT rose 2.9% to AUD 36 million. Net Interest Margin (NIM) improved to 1.30%, supported by rollovers into higher-margin loans. The bank's residential mortgage book grew by AUD 0.3 billion. AMP Bank GO, launched in February 2025, attracted AUD 123 million in transactional balances and approximately 7,500 customers by the end of June. Cost increases related to the digital platform were partly offset by operational efficiencies.

New Zealand Wealth Management
The New Zealand division reported underlying NPAT of AUD 19 million, up 11.8%. Revenue diversification remained a focus, with 32% coming from non-AUM sources. Net cashflows increased by 169.4%, supported by growth in term deposits and strategies tailored for the retirement segment.

Group and Investment Performance

Group-level earnings improved, with a reduced underlying loss of AUD 16 million. Earnings from AMP’s partnerships in China rose 35% to AUD 27 million. Group controllable costs declined 20% over the period due to disciplined cost control initiatives.