My 1.09 order ive had sitting there for a month finally filled.AMP's Loan Recovery May Not Start Until FY 2025
AMP's 1Q FY 2024 update reflects continued headwinds in the Australian retail banking sector, say Jefferies analysts Simon Fitzgerald and William Richardson.
For example, for 1Q, the Australian wealth manager's loans dropped to A$23.5 billion from A$24.4 billion in December. Jefferies sees that AMP's banking unit faces headwinds and is keeping it conservative forecasts, seeing that total loans will likely not recover to FY 2023 levels for another five years. It also forecasts net interest margin to stay in the range of 1.10% to 1.14% over the same period.
Still, Jefferies is more positive on AMP's platforms and superannuation/investment businesses given significant premiums seen at rivals Hub24 and Netwealth.
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Netwealth received another downgrade today, thats 2 for the week, and HUB yesterday. Fingers crossed seen nothing for AMP so far.
Ann: AMP 2024 AGM - Chair address & CEO address, page-17
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