AMP has returned to profit for the 2022 full year and declared the first final dividend since being tarnished by the Hayne royal commission.
AMP has returned to profit for the 2022 full year and declared the first final dividend since being tarnished by the Hayne royal commission, but its core wealth management business continued to suffer outflows.
The ASX-listed wealth manager on Thursday announced a final dividend of 2.5¢ a share and statutory net profit after tax of $387 million at December 31, up from a loss of $252 million in the previous year.The result was buoyed by proceeds from the sale of the infrastructure debt business in 2021 to Ares Management – a California-based credit investor once touted as a prospective suitor for AMP’s broader funds management arm, which was instead split up, with parts sold to Dexus and Macquarie.
Aside from a special dividend of 10¢ a share in late 2020, the board has not declared a dividend since early 2019, not long after the royal commission levelled allegations of criminal misconduct against AMP.
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