News: AMP UPDATE 1-AMP first-half profit rises on demand for its investment platforms

(Updates with further details and background)

Aug 8 (Reuters) -

Australian wealth manager AMP (AMP) on Thursday reported a rise in first-half profit as underlying strength in its investment platforms and resilient cost savings helped offset the falling margins at banking operations.

One of AMP's platforms, AMP North, has now been considered by analysts as a leading provider of retirement income solutions. The performance of the platform was resilient which aided earnings with its managed portfolios continuing to growing, reaching A$15.9 billion ($10.36 billion).

AMP's Advice business is also key to the company achieving its fiscal 2025 cost savings target of A$120 million, analysts have also noted.

Earnings at AMP's platforms business increased 22.7% during the half year to A$54 million.

The more than 170-year-old wealth manager reported underlying net profit after tax of A$118 million ($76.88 million) for the six months ended June 30, compared with A$112 million a year ago.

According to UBS, the Visible Alpha consensus estimate was A$103 million.

The Sydney-based firm declared an interim dividend of 2 Australian cents per share. ($1 = 1.5344 Australian dollars)