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BRIEF-AMP Sees H1 Underlying Profit For Retained Businesses Of A$140-150 Mln

Published 31/07/2020, 07:49 am
© Reuters.
AMP
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July 31 (Reuters) - AMP Ltd AMP.AX :

* EXPECTS TO REPORT UNDERLYING PROFIT FOR RETAINED BUSINESSES IN ORDER OF A$140-150 MILLION IN H1

* H1 RESULTS IMPACTED BY RANGE OF FACTORS INCLUDING MARKET VOLATILITY AND A CREDIT LOSS PROVISION IN AMP BANK

* REMAINS COMMITTED TO DELIVERING A$300 MILLION OF ANNUAL RUN-RATE COST SAVINGS

* REMEDIATION PROGRAM REMAINS ON TRACK AND IS EXPECTED TO BE 80 PER CENT COMPLETE BY END OF FY 20

* EXPECTED OPERATING EARNINGS OF ABOUT A$60 MILLION FOR AUSTRALIAN WEALTH MANAGEMENT IN H1

* CREDIT LOSS PROVISION EXPECTED TO IMPACT AMP BANK H1 EARNINGS BY ABOUT A$25 MILLION, DUE TO COVID-19 MACRO-ECONOMIC CONDITIONS

* EXPECTS TO REPORT RETAINED BUSINESS UNIT OPERATING EARNINGS OF ABOUT A$195 MILLION IN H1

* EXPECTED AVERAGE AUM OF A$198 BILLION FOR AMP CAPITAL IN 1H 20 Source: https:// Further company coverage: AMP.AX

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