|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||0.9360 - 0.9360|
|52 Week Range||0.6400 - 0.9400|
|Beta (5Y Monthly)||0.67|
|PE Ratio (TTM)||24.00|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Sep 18, 2020|
|1y Target Est||N/A|
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"We've seen a reduction in cash outflows to other superannuation funds and we’re winning new customers on our North platform, which has continued to grow cashflows from independent financial advisers," AMP Chief Executive Officer Alexis George said. The North platform recorded inflows of A$774 million in the quarter, while outflows at the Master Trust fell to A$819 million from A$1.59 billion.
The Australian Securities and Investment Commission (ASIC) had alleged in 2018 that companies related to the wealth manager charged fees from customers despite being notified that they were no longer able to access the advice. Between July 2015 and September 2018, AMP entities deducted A$356,188 in fees even though they were aware that the members had ceased their employment and could no longer receive advice services, the court found. "Although AMP has remediated A$691,032 to affected customers, the court found AMP failed to investigate whether or not there was a systemic issue, despite many complaints over a lengthy period of time," ASIC said.
(Reuters) -Australian wealth manager AMP Ltd said on Thursday its half-year underlying profit slumped by nearly a quarter, as margin pressure weighed on the banking division, sending its shares down nearly 3%. Net interest margin at AMP Bank fell to 1.32% in the first half of the fiscal year, from 1.71% a year earlier, dragged down by growth in fixed-rate loans - which are less profitable. Still, the company said the banking division's net interest margin improved in the second quarter, and will show a good performance during the second half of the year, benefiting from a higher interest rate environment.