CANBERA (dpa-AFX) - AMP Ltd. (AMLTF.PK, AMP.AX) reported that its underlying net profit after tax for the first half of 2022 declined to A$117 million from A$155 million in the prior year. The latest period results included impact of previously announced North and Master Trust strategic repricing in 2021, and release of AMP Bank credit loss provision in the first -half of 2021 of A$12 million not repeated this period, partially offset by planned cost reductions.
But net profit after tax for the first half of 2022 increased to A$481 million from last year's A$146 million, reflecting the gain on sale of the infrastructure debt platform.
AMP said it will return A$1.1 billion of capital to shareholders comprising A$350 million via an on-market share buyback, to commence immediately, with a further A$750 million of capital returns planned in fiscal year 2023. The A$750 million is expected to comprise a combination of capital return, special dividend or further on-market share buyback.
AMP will also allocate about A$400 million liquidity to pay down corporate debt and de-leverage the balance sheet.
The company has resolved not to declare a dividend in the first half of 2022.
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