Australian wealth management firm AMP's net profit at $145.75m in H1

Its underlying profit fell by 41.8% compared to the same period in 2019.

Australian wealth management and banking firm AMP reported a net profit of $145.75m (A$203m) for H1, it stated in an SGX filing. Underlying profit for the period came at $106.84m (A$149m) down 41.8% YoY compared to $183.5m (A$256m) in H1 2019, reflecting impact from COVID-19.

Operating earnings for the first six months of the year were affected by COVID-19, according to AMP. Australian wealth management earnings fell 43% to $42.3m (A$59m), whilst New Zealand wealth management shrunk 18% to $12.9m in H1.

AMP Bank earnings also declined 30% to $39.45m (A$50m). Meanwhile, earnings from AMP Capital contracted 40% to $51.6m (A$72m).

The bank has announced a fully franked, special dividend of 10 cents per share in AUD terms (US$0.072).

Following payment of the special dividend, the board does not expect to declare a final FY2020 dividend.

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