Half Year 2024 AMP Ltd Earnings Call Transcript
Key Points
- NPAT increased by 4.5% to $118 million, indicating strong business performance.
- Costs reduced by nearly 6.5%, showing effective cost management.
- EPS earnings are up, leading to a $0.02 per share dividend, 20% franked.
- Successful capital return program with $963 million returned from buyback, nearing the $1.1 billion target.
- Debt reduction efforts have been successful, helping maintain credit ratings.
- Revenue down 4% compared to H1 2023, primarily due to NIM contraction in the Bank.
- Statutory NPAT down to $103 million, impacted by previous gains on AMP capital transactions.
- The Advice business continues to operate at a loss, with a $30 million accounting loss expected from the sale.
- Increased arrears in the Bank's credit quality metrics, indicating potential future risks.
- Continued competitive pressure in the deposit market affecting net interest margins.
Good day and thank you for standing by. Welcome to AMP half year 2024 results conference call.
(Operator Instructions)
Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Chief Executive Officer, Alexis George, please go ahead.
Thank you very much, [Maggie], and welcome, everyone, to AMP's first half result. You probably all noticed by now, it's been quite a busy evening and so we have a lot to talk about today. Of course, I am joined by our CFO, Blair Vernon, who will take us through the detailed results later in the presentation.
But before we start today, I would firstly like to acknowledge the traditional custodians of the land, which we're holding this meeting, today, which for us is the Gadigal people of the Eora Nation. And I would like to pay my respects to their elders past and present and to the elders past and present on lands of which you're
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