Financial giant AMP has posted an “improved performance” in the first half (H1) of 2021.
The company reported underlying earnings of $181 million for the six months ending in June, which represents a 57% increase from the $115 million it reported in the first half of 2020.
Read more: AMP in new tie-up with AIA Australia and TAL
In a statement, AMP said the improvement reflected “higher investment income, a strong cost performance, and increased earnings in AMP Bank, which benefited from the release of credit loss provisions.”
Meanwhile, AMP’s statutory profit dropped to $146 million in H1 of 2021, compared to $203 million in the same period a year ago. While a significant decrease, the result is better than the $112 million analysts expected, according to Reuters.
“I’m pleased to have joined AMP at this important time, where helping our customers to invest and plan for the future has never been more important,” said Alexis George, the new chief executive of AMP. “We are starting to see some positive signs of growth and innovation, particularly in our bank and platforms businesses where we are introducing new services that our clients want.”
George also took the opportunity to credit AMP employees for “managing the disruption, both professionally and personally, being caused by the pandemic.”
“We play an important role in supporting customers through challenges of lockdowns and the uncertainty they are experiencing,” said George. “As an organisation, we also have a responsibility to support our people and their families in getting vaccinated, and in providing the flexibility to do this.”
