AMP Profit Lifted by Continued Wealth Management Growth
February 17 2016 - 3:30PM
Dow Jones News
By Robb M. Stewart
MELBOURNE, Australia--AMP Ltd. (AMP.AU) said Thursday its profit
rose 10% last year, driven by continued growth in its wealth
management business and an expansion of its international
investment management operation.
Net profit rose to 972 million Australian dollars (US$691.3
million) in 2015 from A$884 million the year before, the financial
services firm said.
Underlying profit--which strips out one-time costs and the
impact of some investment-market volatility, and is used by the
company to determine its dividend--was 7% higher at A$1.12 billion,
in line with the A$1.11 billion median of six broker forecasts
compiled by The Wall Street Journal.
The company's board plans to pay a final dividend of A$0.14 a
share, up 4% on a year ago, for a full-year payout of A$0.28.
Chief Executive Craig Meller said it was a good performance
against a backdrop of challenging markets in the second half of the
year, momentum maintained across its Australian wealth management
and AMP Capital divisions.
The company said earnings from its Australian wealth management
operations rose 10% to A$410 million for the year, driven by 10%
growth in assets under management. However, operating earnings for
its Australian wealth protection business eased 1.6% to A$185
million, it said.
AMP Capital recorded a 20% jump in operating earnings and
improved net cashflows, boosted by a rise of more than A$2 billion
in funds managed on behalf of international institutional clients
to A$6.8 billion, the company said.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
February 17, 2016 16:15 ET (21:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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