AMP (AMP) H1 2026 earnings summary

Executive summary

• Underlying NPAT rose 33% year-over-year to $174 million, with statutory NPAT up 57% to $154 million, driven by broad-based growth in wealth businesses, Platforms, Super & Investments, and China partnerships.

• Over $201 million was returned to shareholders via dividends and buybacks, with an additional $150 million buyback announced.

• Interim dividend of 3.0 cents per share (20% franked) declared, up from previous guidance.

• Total AUM increased to $167.6 billion, reflecting strong momentum in wealth and retirement businesses.

• Strategic focus remains on organic growth in wealth management, capital release from banking, and leveraging AI for efficiency and risk management.

Financial highlights

• Revenue grew 6.2% year-over-year to $671 million, outpacing a 4% rise in controllable costs.

• Group EBIT margin improved by 2.5 percentage points to 30.7%; cost-to-income ratio improved to 60.5%.

• Underlying EPS increased 32.7% to 6.9 cents; ROE (underlying) improved to 9.8%.

• Surplus capital generated was $236 million, with $201 million returned to shareholders and Group CET1 surplus capital at $322 million.

• AUM increased to $167.6 billion, with Platforms net cashflows up 33% to $3.1 billion.

Outlook and guidance

• FY 2026 guidance raised for partnerships to 12%-15% annualized ROI; China partnerships annualized ROI improved to 16%.

• Wealth focus remains on AUM growth and disciplined margins; AMP Bank to prioritize capital efficiency and cost savings, with NIM expected to remain stable at 1.25%.

• Pro forma capital returns for FY 2026 now $425 million; board to review final dividend at FY 2026.

• FY 26 controllable costs forecast at $630–640 million.