AMP says that it will slash its final dividend to 4¢ a share and report a $680 million underlying profit and attributable net profit of $30 million for 2018.
The firm reported a 14.5¢ dividend, a $1.04 billion underlying net profit and $844 million in statutory profit in 2017.
The 2018 result was hit by costs arising from AMP’s Royal Commission response, a portfolio review, increased investment in risk, governance and controls, and advice remediation.
AMP will make an extra $200 million provision before tax for 2018 to cover program running costs and compensation for lost customer earnings, it said. Its capital position remains strong.
For 2019, AMP reaffirmed that its retained earnings are expected to be hit by external market conditions, the regulatory environment, implications of the future strategy and a number of other previously-advised factors.
from A Viral Update http://bit.ly/2RfrtMO
0 Comments