AMP's 1H FY 2023 results show signs that a number of business metrics are looking more stable in comparison to the prior period, says Jefferies analysts Simon Fitzgerald and William Richardson in a note.
For example, they note that underlying net profit after tax for the 1H at A$112 million was in line with the year before, and up 55% on 2H FY 2022. Still, they call out a financial advice-related class action which is yet to be finalized, but note AMP's A$50 million externally audited provision set aside for it, and the pause to its third capital management initiative.
"This aside, we remain encouraged by efforts to right size the business out to FY 2025," says Jefferies.
Ann: 1H 23 Investor Presentation, page-74
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