Key points
- Platforms net cashflows increased to $740 million
- Superannuation & Investments net cash outflows continued improvement
- New Zealand Wealth Management net cashflows were $57 million
Full summary
AMP Limited has provided an update on its Q1 25 cashflows and business performance. The company's Platforms business saw net cashflows increase to $740 million, up 268% from Q1 24. Platforms Assets Under Management (AUM) was $78.8 billion, primarily reflecting investment market movements. The Superannuation & Investments business continued to improve, with net cash outflows reducing to $108 million, a significant improvement from $371 million in Q1 24. Superannuation & Investments AUM was $55.8 billion, driven by investment markets. New Zealand Wealth Management delivered net cashflows of $57 million, an increase from $25 million in Q1 24, with inflows increasing across KiwiSaver, other superannuation products, and AMP Managed Funds. New Zealand Wealth Management AUM was $11.6 billion. AMP Bank's total loan book remained steady at $23.3 billion, reflecting the company's strategy to prioritize margins and profitable growth. Total deposits were $20.7 billion, up from $20.5 billion in Q4 24, with the new small business and personal digital bank launched in February 2025 helping to diversify the funding mix.
Guidance
AMP Bank's Net Interest Margin remains steady, and credit quality remains strong, with 90+ days arrears remaining low at 0.77%.