Login
ISCOVER
AMP Bank has increased its earnings despite the parent group reporting falling revenues and profits.
The group posted revenues of $7.2 billion for the six months to 30 June 2014, which was down 20.2 per cent on the previous year.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
Net profit fell 2.8 per cent to $382 million, although underlying profit rose 15.9 per cent to $510 million.
AMP Bank enjoyed 10.5 per cent growth in operating earnings to $42 million, while its residential mortgage book increased 9.3 per cent to $13.5 billion.
AMP-aligned financial advisers contributed 23 per cent of the bank’s new mortgage business, compared to 20 per cent the year before.
A spokesperson told The Adviser that brokers are a key part of the bank’s distribution strategy and that the bank had experienced “continued strong growth” from the broker channel during the half year.
“AMP Bank’s priorities are to deliver propositions that meet a broad range of customer needs, using technology and excellence in customer service to make it easier for customers to do their banking with AMP,” the spokesperson said.
“AMP Bank’s focus over the coming year will continue to be on product and service developments, and we look forward to seeing continued growth through the mortgage broker segment.”
[Related: AMP Bank cuts fixed rates]
