AMP predicts profit drop
In a statement to the stock exchange, it said it expected to report an underlying profit for retained businesses – Australian wealth management, AMP Bank, AMP Capital and New Zealand wealth management – of A$140 million to A$150 million.
A year ago it reported a first-half profit of A$309 million.
The results had been affected by a range of factors including market volatility and a credit loss provision in AMP Bank.
AMP said it had prioritised servicing clients throughout this period, including temporarily increasing resources, as well as maintaining business resilience, which has resulted in additional costs.
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