AMP reported a 20.8% rise in underlying net profit after tax for FY25, powered by strong cashflows from its North platform and the successful launch of AMP Bank GO. The company also declared a final dividend and announced a CEO transition.
- Underlying NPAT up 20.8% to $285 million
- North platform net cashflows surged 85.2% to $5.1 billion
- AMP Bank GO launched, scaling deposits to $310 million with 15,665 customers
- Controllable costs reduced by 6.9%, supporting improved earnings
- CEO Alexis George to step down, CFO Blair Vernon named successor
Strong Earnings Growth Amid Strategic Momentum
AMP has delivered a robust financial performance for the 2025 fiscal year, with underlying net profit after tax (NPAT) climbing 20.8% to $285 million. This growth reflects a combination of strong cashflow momentum, particularly from its North platform, and strategic initiatives across its wealth management and banking divisions.
The North platform, AMP’s award-winning wrap solution, was a standout contributor, posting an 85.2% increase in net cashflows to $5.1 billion. This surge was driven by expanding Managed Portfolios, new adviser activations, and enhanced retirement product offerings such as MyNorth Lifetime and North Guarantees, which continue to resonate with financial advisers.
Banking Innovation and Cost Discipline
AMP Bank’s results were mixed but promising. While the traditional AMP Bank business saw a modest 6.6% rise in underlying NPAT to $65 million, the newly launched AMP Bank GO recorded a $10 million loss as it scaled operations. Since its February 2025 launch, AMP Bank GO has rapidly grown its deposit base to $310 million and attracted over 15,600 customers, offering a suite of products including savings accounts and overdrafts. The bank’s focus on capital efficiency and margin management helped improve its net interest margin slightly to 1.27%.
Cost control remained a priority, with AMP reducing controllable expenses by 6.9% to $603 million, aligning with its FY25 commitments. This discipline underpinned a 25.6% increase in underlying earnings per share to 11.3 cents, supported by a completed share buyback program.
Legacy Issues Resolved and Dividend Restored
AMP’s statutory NPAT was $133 million, down from $150 million the previous year, reflecting the impact of settling legacy legal matters and ongoing business simplification. Importantly, the company declared a final dividend of 2.0 cents per share, 20% franked, bringing the total FY25 dividend to 4.0 cents per share, consistent with prior guidance and signalling confidence in the company’s cash generation.
The company also highlighted the positive contribution from its China partnerships, which grew by over 50%, and steady performance from its New Zealand Wealth Management business despite challenging economic conditions.
Leadership Transition and Strategic Outlook
CEO Alexis George, who has led AMP through a significant transformation over nearly five years, announced she will step down at the end of March. CFO Blair Vernon will succeed her, ensuring continuity in executing AMP’s strategy focused on retirement solutions, digital advice, and organic growth. The company remains open to inorganic opportunities that can accelerate capability development or scale, but only where there is a compelling strategic rationale.
With a strengthened balance sheet, improved reputation, and a clear strategic direction, AMP appears well positioned to capitalise on tailwinds in the wealth and retirement sector under new leadership.
Bottom Line?
AMP’s FY25 results mark a turning point, but the market will watch closely how AMP Bank GO scales and how the new CEO steers growth.
Questions in the middle?
- Can AMP Bank GO transition from a loss-making startup to a profitable growth engine?
- How will Blair Vernon’s leadership influence AMP’s strategic priorities and capital allocation?
- What impact will ongoing market conditions in China and New Zealand have on AMP’s partnership earnings?