AMP Ltd. (AMLTF.PK,AMP.AX) reported that its statutory net profit after tax for the first-half of 2024 dropped to A$103 million from last year's A$261 million. The prior year results included a net gain of A$209 million on sale of AMP Capital and SuperConcepts.
But underlying net profit after tax rose to A$118 million from A$112 million in the prior year.
Total revenues declined to A$641 million from the prior year's A$668 million, hurt by lower net interest income. AUM based revenue was flat and Strategic Partnerships rose 5.7%.
The company declared fiscal year 2024 interim dividend of 2.0 cents per share. The ongoing on-market share buyback will continue to deliver the remaining A$85 million, completing the A$1.1 billion that was committed to in August 2022.
Entireti will acquire AMP's financial advice businesses, with AMP to retain a 30% shareholding. The advice businesses include Charter, Hillross and AMP Financial Planning, as well as its Jigsaw Advice Solutions. Entireti is the parent company of Fortnum Private Wealth and Personal Financial Services.
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