AMP flags A$170–A$180 million first-half FY2024 underlying net profit, shares hit A$1.89
AI Market Summary
AMP issued an upbeat 1H FY2024 earnings update, guiding underlying net profit to A$170–180m versus A$131m prior year, supported by stronger China contribution, improved investment income, and a A$13m one-off carried interest payment. Completion of a A$150m buyback and reiterated capital return commitment reinforces capital management credibility. The update drove shares higher intraday, with focus now on the Aug 6 results release.
Impact level
● Medium
Affected assets
AMP/USDT+0.23%
AI Insight · AMP/USDTAI Insight
▲ Bullish
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AMP Ltd (ASX: AMP) issued a positive earnings outlook, forecasting FY2024 first-half underlying net profit of A$170–A$180 million, about 30% higher year on year. The company attributed the upgrade to a stronger contribution from its China business, improved investment income, and a one-off A$13 million carried-interest payment. AMP said it has completed a A$150 million share buyback and reiterated its commitment to returning capital. The update pushed the stock to an intraday high of A$1.89 before it closed at A$1.76, up 2%, ahead of its August 6 half-year results release.
