AMP – 2024 Full-Year Results Summary
Overall Tone
AMP reported mixed results for the full year 2024, showing revenue growth but a significant decline in statutory profit. While cost management and capital returns were strong, the company faced challenges in maintaining profitability, particularly in its banking operations.
Financial Results (per share where applicable)
| Metric | FY 2024 | FY 2023 | % Change |
|---|---|---|---|
| Revenue from ordinary activities ($m) | 2,869 | 2,732 | +5% |
| Underlying NPAT ($m) | 236 | 205 | +15.1% |
| Statutory NPAT ($m) | 150 | 265 | -43% |
| Adjusted EBITDA ($m) | Not explicitly reported | ||
| Operating Cash Flows ($m) | Not explicitly reported | ||
| Adjusted Earnings Before Tax (EBT) ($m) | Not explicitly reported | ||
| Normalised EPS (cents per share) | 9.0 | 7.2 | +25% |
| Final Dividend (cents per share, franked at 20%) | 1.0 | 2.0 | -50% |
Outlook Commentary
AMP is positioning itself as a retirement specialist, with strong growth in its wealth management and superannuation businesses. The company remains focused on cost discipline, enhancing its North platform, and leveraging AI and digital banking to drive future growth. The economic environment remains challenging, particularly in the banking sector.
Guidance Statements
AMP expects continued positive momentum in its wealth businesses, with an emphasis on managed portfolios and retirement solutions. Cost control remains a priority, and further investment in digital banking is anticipated to support future revenue growth. The company has completed its capital management program, returning $1.1 billion to shareholders since 2022.
Results vs. Market Expectations
While revenue and underlying profit met expectations, the sharp decline in statutory NPAT and dividend cut may have disappointed some investors. The company’s focus on retirement solutions and digital banking is seen as a long-term growth driver, but the challenging banking environment remains a concern.
Market Positioning
AMP’s share price leading into the results was volatile, ranging from $0.93 to $1.66 during the year. The stock is trading near its 52-week high, reflecting investor confidence in its ongoing transformation and strategic initiatives.
Disclaimer: This information is provided purely for educational purposes. It takes no account of an individual’s personal financial circumstances and hence can in no way constitute financial advice. The above data may be subject to errors or inconsistencies for which the author takes no liability. It is imperative that all investors do their own research or if they need advice, seek it from a qualified financial adviser.
Quick Take: FY2024 ASX:AMP