Key Highlights

• Underlying NPAT was $174 million, up 33%, and statutory NPAT was $154 million, up 57%.

• North, AMP's advised platform, earned underlying NPAT of $61 million, up 15.1% from $53 million.

• Superannuation and Investments earned underlying NPAT of $32 million, up 18.5%, and net cash flows excluding pension payments were positive $76 million against an outflow of $75 million a year earlier.

• Amp Bank's underlying NPAT fell to $20 million from $30 million, which management linked to Investment in the move to AMP Bank GO.

How is AMP (ASX:AMP) paying for growth in its Wealth businesses while its bank is in the middle of a transition? The 1H 26 result, released on 6 August 2026, gives a clear picture. Underlying net profit after tax rose 33% to $174 million, driven by North, the China partnerships and superannuation flows, while AMP Bank's Underlying Profit fell to $20 million as it invests in the AMP Bank GO digital offer. The company also announced a further $150 million on-market buyback.

Figures below come from AMP's own 1H 26 results release dated 6 August 2026. They cover the first half of calendar 2026, with comparisons to 1H 25 unless stated.

Group results

Underlying NPAT was $174 million, up 33%, and statutory NPAT was $154 million, up 57%. Assets under management were $167.6 billion. Platform net cash flows were $3.1 billion, up 33%, and Superannuation and Investments recorded its first positive half-year net Cash Flow since 2017. Surplus Capital generated in the half was $236 million, and $201 million was returned to shareholders through dividends and buybacks. The interim Dividend is 3.0 cents per share, 20% franked.

CEO Blair Vernon said the result reflects momentum being built in the wealth and retirement businesses.

North: the growth engine

North, AMP's advised platform, earned underlying NPAT of $61 million, up 15.1% from $53 million. Net cash flows excluding pension payments were $3.1 billion, up 33.4% from $2.3 billion. Closing AUM was $92.7 billion, compared with $88.7 billion at FY25. The AUM-based Revenue Margin was 41 basis points, steady on 2H 25 and down from 43 in 1H 25, while the EBIT margin was 42%, up from 39%.

The company signed 38 new distribution agreements with licensees and activated 74 net new advisers with more than $1 million of AUM. Managed Portfolios reached $28.3 billion.

For a platform business, flows and margin matter together. Encouraging inflows raise AUM, which lifts fee revenue. A margin that has slipped slightly (41 versus 43 basis points a year earlier) is a typical effect of scale pricing and mix, and the rising EBIT margin shows costs rising slower than revenue. That reading is ours.

Superannuation, New Zealand and partnerships

Superannuation and Investments earned underlying NPAT of $32 million, up 18.5%, and net cash flows excluding pension payments were positive $76 million against an outflow of $75 million a year earlier. Closing AUM was $62.6 billion, from $60.7 billion at FY25. AMP said most MySuper members were in top-quartile returns for the 12 months to 30 June 2026.

New Zealand Wealth Management earned $18 million, against $19 million, with AUM of $12.3 billion. The Partnerships and Group segment earned $43 million, compared with $2 million. The China partnerships contributed $56 million, up 107.4%, and the combined carrying value of the two joint ventures was $705 million, with a combined annualised Return on Investment of 16%, up from 9%.

These Partnership Earnings are a large share of the group's profit increase. They are also the least controllable by AMP, because they depend on the performance and dividend decisions of Chinese partners and on currency. CLPC's dividend Payout Ratio was 41%, against 35% in FY24.

AMP Bank: the bank-specific measures

AMP Bank's underlying NPAT fell to $20 million from $30 million, which management linked to investment in the move to AMP Bank GO. AMP Bank GO deposits reached $1.7 billion, up from $310 million at FY25, with about 34,500 customers. The heritage bank has been closed to new deposits to realise future cost synergies. The residential Mortgage book was $23.6 billion, from $23.9 billion at FY25, and is being managed for margin. Arrears at 30 and 90 days remain low. Net interest margin was 1.25%, compared with 1.30% in 1H 25.

Surplus capital at AMP Bank was $89 million at the end of the half, supported by securitisation. A shrinking mortgage book with a compressing margin is a trade-off: it protects returns but limits growth, and deposit growth in the new digital offer is the mechanism meant to lower funding costs over time.

Capital management

AMP generated $236 million of surplus capital and returned $201 million, and the further $150 million buyback will start after the regulatory waiting period. Management described releasing capital from AMP Bank and non-strategic assets as a key priority.

Sector and competitive position

AMP competes in advised platforms with other large wealth groups, in superannuation with industry and retail funds, and in banking with larger and smaller lenders.

Risks

- Bank transition: profit fell as AMP Bank GO is built, and deposit growth, funding costs and margin need to keep improving.

- Margin pressure: NIM declined to 1.25% and a smaller mortgage book reduces scale.

- Platform fee pressure and market-linked AUM: falls in markets reduce revenue.

- Dependence on China partnerships: contributions are volatile and outside AMP's control.

- Execution of capital release from non-strategic assets.

- Regulatory change across superannuation, banking and advice.

What to watch next

AMP's quarterly cash flow updates will show North flows and AMP Bank GO deposits. The full-year result in early 2027 should update the NIM, capital position and the buyback's pace. Other markers include the timing of any release of AMP Bank capital and advisers added to North.

AMP's 1H 26 shows growth in its wealth businesses and partnerships outweighing a deliberate bank investment phase. The next period will show whether the bank can start contributing again.