Banking and superannuation services group AMP rose 9% to $1.92 in early trade after posting a strong quarterly update, with platform net cashflows up 62% on the prior corresponding period to $1.2 billion.
Total assets under management (AUM) increased 3.6% to $159.5 billion for the three months to September. Platform AUM lifted to $86.9 billion from $83.2 billion in the June quarter, “reflecting resilient inflows and positive investment markets”.
Superannuation & Investments recorded quarterly net cash outflows of $241 million, an improvement of 27.8% on the pcp. AUM in the division rose to $60.5 billion, up from $58.5 billion in June, supported by market gains.
AMP Bank’s total loan book was “managed for value”, edging to $23.8 billion versus $23.5 billion in the prior quarter, while total deposits ticked up to $20.8 billion from $20.5 billion.
During the quarter, AMP announced settlement of the superannuation class action for $120 million, with the group to contribute about $75 million and the remainder covered by insurance.