• Underlying NPAT up 9.2% to $131m
• Controllable costs reduced by 4.4%
• Platforms net cashflows up 98.7% to $2.3b

AMP reported a 9.2% increase in underlying NPAT to $131m in 1H 25, reflecting higher revenue, improved cost discipline and strong cashflows in the Platforms business. Total revenue was up 1.8%, with increases in the Bank, S&I and Platforms divisions partly offset by lower Group earnings. Controllable costs reduced by 4.4%, offsetting inflationary pressures and the operational costs of the new AMP Bank GO platform. Underlying EPS increased 18.2% due to the improved earnings and the final stages of the share buyback. The company saw growth in AUM to $153.9bn, up 3.7% since FY 24, driven by positive cashflows and market movements. The Platforms business delivered a 98.7% increase in net cashflows to $2.3b, while S&I saw an 84% improvement in net cashflows. AMP Bank grew its residential mortgage book by 2.8% and reported a 2.9% increase in underlying NPAT. The company continued to progress its strategic priorities, including the expansion of its Lifetime retirement solution, the launch of AMP Bank GO, and the development of new digital advice capabilities.

AMP provided FY 25 guidance, stating that it is 'delivering in line with guidance, with momentum for 2H 25'.

AMP noted that it has 'momentum for 2H 25' and is focused on 'scaling retirement solutions, expanding Lifetime, and continuing the growth of MyNorth Lifetime FUA'. The company also highlighted the early momentum of its new AMP Bank GO platform.