Shares of Australian wealth manager
AMP staged their steepest gains in 21 months after it
recorded a better-than-expected rise in underlying annual profit
and announced a large return of capital, even.
Volume growth in AMP’s banking arm stalled in the December 2023 half as tumbling interest margins forced the company to pull back on home lending activity.
Shares decline over 1 per cent as traders pare back rate cuts; CBA interim cash profits fall to $5 billion; Dexus slips to a loss; Seven Group upgrades earnings guidance. Follow updates here.