No lame downramping please. Multiple threads exist for that.
Comments with honest and credible valuations from posters only.
Opinion only Posters current fair value: $1.66
1H 22 NPAT (statutory) increased to A$481 million
Net profit after tax (NPAT) (underlying)[1] of A$117 million (1H 21: A$155 million), includes impact of previously announced North and Master Trust strategic repricing in 2021, and release of AMP Bank credit loss provision in 1H 21 of A$12 million (non-recurring).
AMP Bank mortgage book increased by A$705 million
Significant improvement in cashflows with net cash outflows of A$1.9 billion in 1H 22, reducing from net cash outflows of A$3.6 billion in 1H 21.
Platforms net cash inflows of A$464 million in 1H 22 increased from A$115 million of net cash outflows in 1H 21.
Acceleration of the Advice business transformation with losses on track to halve by the end of 2022
Strong capital position with A$1.5 billion surplus above Board target capital level.
AMP Bank net interest margin (NIM) of 1.32 per cent. NIM improved in Q2 22 and is expected to continue to improve during 2H 22.
Total deposits increased by 12 per cent from FY 21 to A$20.0 billion, representing 4.24x system
Deposit to loan ratio increased to 88 per cent at 1H 22 (FY 21: 81 per cent)
Advice 1H 22 NPAT (underlying) loss of A$30 million, improved from a loss of A$85 million at 1H 21 (incredible improvements happening here in what has been their achilees heel),
A$1.1 billion of capital to shareholders in the pipeline
A$350 million via an on-market share buyback
A$750 million of capital returns planned in FY 23
A$400 million liquidity to further pay down corporate debt (too low gearing level imo).
Re-introduction of dividends in 2023 on target.
6-8% ongoing purchase yield based on forecast free cash flow and excess capital (imo).
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(20min delay)