AMP Ltd (ASX:AMP) has delivered a 17 per cent increase in its first half year results to $425 million for the six months to 30 June.

The wealth manager posted an underlying profit increase of 4.4 per cent for the period to $383 million.

Underlying return on equity was 27.4 per cent for the first half compared to 31.6 percent for the same time in 2009, reflecting a prudent approach to capital management, says AMP.

CEO Craig Dunn says the company’s solid result was bolstered by robust core business performance paired with cost control, profit margins holding up well as well as investment in growth initiatives.

An interim dividend of 15 cents per share, 60 per cent franked has been declared.

AMP reported a profit of $739 million for the year to 30 December 2009.