Australian banking group AMP has reported that its net profit after tax (NPAT) fell by 24.5% to A$117m (£68.1m, $83.1m, €80.4m) in H1 2022 compared to the same period last year.
In its first half of 2022 results released on 11 August, AMP also logged that the underlying net profit of its Australian wealth management business dropped 20% to A$36m. The New Zealand wealth operation had underlying NPAT of A$17m (1H 21: A$19m).
The advice arm suffered a NPAT underlying loss of A$30m, which is up from an A$85m loss in 1H 21. This is due to the sale of its employed advice business and 1H 21 impairments not repeated in the first half of 2022.
Alexis George, AMP chief executive, said: “We have built strong momentum on the transformation of AMP into a simpler and more efficient organisation which is well placed to grow. The agreed sales of the Collimate Capital businesses are on track to complete in the second half of the year. Post completion, there will be a renewed focus for AMP as a leading wealth management and banking business in Australia and New Zealand.
“The first half of the year has seen a challenging economic backdrop. Despite the decline in investment markets, our business is well positioned with a robust balance sheet that will help us to drive forward through a period of continued economic uncertainty.
“AMP is entering its next era as a significantly simplified group, leading in wealth management and banking, and guided by a clear purpose – helping people create their tomorrow.”