News: AMP AMP Ltd Says Committed To Achieving Controllable Costs Of About A$690M For FY24

Feb 14 (Reuters) - AMP Ltd (AMP) :

• COMMITTED TO ACHIEVING CONTROLLABLE COSTS OF ABOUT A$690M FOR FY 24
• EMPLOYMENT COSTS REDUCTIONS EFFECTED IN 2H23 WILL DELIVER FULL YEAR IMPACT IN FY24
• SEES ONE-OFF SPEND OF A$120M-A$150M OVER FY 24 AND FY 25 TO ACHIEVE THE COST-OUT
• CONTINUE TO TARGET CONTROLLABLE COST BASE OF A$620-A$640M BY FY25
• ANTICIPATE ABSORBING COST UPLIFTS FROM INFLATION AND CONTINUED INVESTMENT IN AMP’S GROWTH BUSINESSES IN FY24
• AMP BANK FY24 NIM EXPECTED TO BE BETWEEN 1.10% AND 1.15%
• SEES PLATFORMS FY 24 AUM BASED REVENUE MARGINS EXPECTED TO BE BROADLY IN LINE WITH FY 23
• MASTER TRUST FY24 AUM BASED REVENUE MARGINS EXPECTED TO BE BROADLY IN LINE WITH FY23
• STRATEGIC PARTNERSHIPS ANTICIPATING COMBINED ABOUT 10% PA RETURN ON INVESTMENT THROUGH CYCLE
• SEES FY 24 SIMPLIFICATION SPEND OF A$60 MILLION - A$75 MILLION PRE-TAX