AMP’s Q3 FY17 results in line with expectations

Company News

by Kathy Skantzos

AMP (ASX:AMP) has reported Q3 FY2017 results in line with market expectations, with wealth management assets increasing $211 million during the quarter to $125.3 billion.

Net cash outflow of $243 million reflects high levels of discretionary super contributions brought forward into the second quarter ahead of changes to non-concessional caps in July.

Net cashflows on the AMP North platform reached $1.3 billion in the quarter, up 13 per cent from last year.

Capital net external cashflows of $616 million is driven by strong cashflows from China Life AMP Asset Management and retail assets.

AMP’s total loan book grew to $19.2 billion during the quarter.

Shares in AMP (ASX:AMP) closed flat at $5.05. 

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