AMP Announced FY2022 Results; Reports drop in underlying NPAT

On 16th February, 2023, AMP Limited (ASX: AMP) announced FY2022 results. It made significant progress towards its goal of simplifying and repositioning its business, with strong delivery against its commitments for FY2022.

• The underlying NPAT (net profit after tax) for the year was A$184 million, which is lower than the previous year's figure of A$280 million.
• During the second half of 2022, AMP Bank's residential mortgage book grew by A$2 billion while improving its NIM and maintaining the credit quality of the loan book.
• AMP has a strong balance sheet with a surplus of A$923 million above the Board target capital level as of 31 December 2022.
• The company continued to make progress on its capital management program, which it announced in its 1H2022 results, and has completed A$267 million of the targeted A$350 million on-market share buyback as of 31 December 2022.
• As part of the A$1.1 billion capital management program, AMP declared a final dividend of AU 2.5 cents per share (franking of 20%) for FY2022.

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