AMP Q3 2023 Update: Bank, AUM, and Cash Flows

AMP Limited (ASX: AMP) has provided a Q3 2023 update on its bank, assets under management (AUM), and cash flows. AMP Bank's loan book increased by AU$0.5 billion to reach AU$25.0 billion, while deposits grew by AU$0.8 billion to AU$22.1 billion. Platform net cash flows were AU$426 million, down from AU$748 million in Q3 2022. Independent Financial Advisers (IFAs) saw a 17% increase in net inflows to AU$565 million.

AUM for platforms remained steady at AU$68.3 billion. Master Trust reported negative net cash flows of AU$4.9 billion due to a mandate loss. New Zealand Wealth Management's KiwiSaver recorded net cash flows of AU$59 million. AMP CEO Alexis George mentioned a focus on managing the bank portfolio amid competitive conditions and expectations of subdued growth for the remainder of the year.

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