SYDNEY–AMP Ltd. reported a net loss driven by non-cash write-downs, and has again declared no final dividend.
AMP posted a net loss of 252 million Australian dollars (US$181 million) for the 12 months through December, compared to a A$177 million profit the year before.
Still, its underlying profit rose by 53% to A$356 million driven partly by earnings growth in AMP Bank and AMP Capital performance fees.
“We’ve achieved a solid underlying profit result, which shows the strength of our bank, growth of the North platform with increased inflows from external financial advisers, and the significant cost savings achieved from across the business, in line with our targets,” said Chief Executive Alexis George.
She added that the company’s demerger remained on track for completion in the first half of 2022.
AMP Bank’s underlying profit increased 38% to A$153 million, driven by the release of provisions. While its residential mortgage book growth was at 1.36x system for the 2021 fiscal year, accelerating to 2.1x system in the fourth quarter. AMP Capital’s underlying profit climbed 18% to A$154 million.
Directors did not declare a final dividend for the year, in line with last year.