MP reports FY22 figures, says Advice business transformation ongoing
AMP says the transformation of its Advice business continues to progress.
AMP reported an underlying net profit after tax (NPAT) of $184 million for the full 2022 financial year, compared to $280 million a year earlier, while also reversing its statutory NPAT loss of $252 million and reporting a profit of $387 million supported by the gain on the sale of the infrastructure debt platform in 2022.
Australian Wealth Management (AWM) total assets under management (AUM) dropped to $124.2 billion from $142.3 billion on the back of a decline in investment markets, and net cash outflows of $5.2 billion.
AMP’s Advice business halved its NPAT loss to $68 million from $146 million reported in full 2021 financial year. The firm acknowledged that the transformation of this branch of the business continues to “progress towards a sustainable, standalone business”.
Advice revenues of $56 million (FY 21: A$58 million) were impacted by the sale of the employed business, partially offset by higher licensee fees, growth in equity investment portfolio and $18 million of impairments in the prior year not repeating, AMP reported.
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