I can't see anything to be excited about tbh. The bank sounded like slightly good news, but have a look at the term deposit rates they have to pay to attract depositors, along with needing the gov guarantee more than other banks I would think. Every non big 4 bank was expected to have improved their mortgages written.
Wealth just had their worst quarter ever for net outflows, and worse was that MyNorth is mainly getting internal inflows after fee cuts that are cutting overall margins for AMP. And there is another $1.4b of outflows coming soon from Corp Super, where I assume AMP has been told the mandate is going. Add that to the 1.9b, and you have net outflows we have found out about today of 3.3b, which is 2.5% of the AUM, or 10% if you annualise it.
AMP capital also has had near record negative net flows for the last three quarters, and this quarters were near the worst ever. And they had huge inflows mentioned.
Keen to hear if I am missing something very important, apart from fluffy verbiage by the CEO.
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