AMP shares rocket on quarterly AUM growth
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More news: AMP shares soared at market open on the ASX after the wealth manager lifted its assets under management during the September quarter.
AMP shares were up 13.3% to $1.54 by 11:05am AEDT, making it the best performing stock across the ASX 200. The company's share price has grown 65% since the start of the year.
AMP lifts AUM in September quarter
The news: Wealth manager AMP has lifted assets under management across its platforms, superannuation and New Zealand businesses on the back of improved inflows and a drop in outflows.
The numbers: Inflows into AMP’s platforms business increased during the September quarter, taking assets under management to $78.1 billion, up from $74.7 billion three months ago.
Assets under management (AUM) in the superannuation and investments business increased to $55.8 billion from $54 billion three months ago, reflecting positive investment markets, partially offset by the net cash outflows and pension payments.
The context: AMP said loans and deposits in its banking business increased slightly to $23 billion and $20.9 billion respectively, with the residential mortgage book stable as it managed margins in the highly competitive environment. Its small business and consumer digital bank remains on track to launch in the first quarter of FY25, to help diversify revenue and funding mix.
The company flagged it has completed the return of $1.1 billion of capital to shareholders, via on-market share buybacks and the recommencement of dividends.
What they said: “This is an important milestone in the transformation of AMP, as we continue to simplify and grow the business,” chief executive Alexis George said.
The source: ASX announcement
