AMP's FY 2023 earnings were stronger and ahead of consensus and Jarden's estimates, say the investment bank's analysts Kieren Chidgey and Dan Bounpraseuth in a note.
Looking ahead, while net interest margin guidance is in line with Jarden's estimate, AMP Bank's loan book ended FY 2023 2% below both Jarden and consensus.
For AMP's wealth unit, a more stable revenue margin outlook is positive, it says, countering slightly softer FY 2023 assets under management with 2H FY 2023 net outflows of A$5.8 billion, slightly worse than Jarden's estimates.
"More significantly, confirmation that stage 3 capital returns will resume is the key positive," Jarden says.
AMP's FY 2023 earnings were stronger and ahead of consensus and...
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