AMP Bank has reported a strong second-quarter performance, highlighting a significant increase in cash flows throughout its primary business segments. The company achieved a notable milestone with its superannuation and investments division, experiencing growth for the first time in eight years. AMP is a financial services company providing superannuation and investment products, as well as banking and advice services to customers in Australia and New Zealand.
The Platforms business was a key driver, recording a 63 per cent surge in net inflows compared to the same period last year. This performance boosted overall platform assets to record levels, further supported by favourable market conditions. The superannuation and investments division saw $33 million in net inflows for the quarter, the first positive result since the second quarter of 2017. This turnaround was attributed to the introduction of new products and enhancements in member retention strategies.
AMP indicated that the return to growth was driven by initiatives such as the launch of its Lifetime Super product and a greater emphasis on digital engagement and advice tools. Wealth management in New Zealand also demonstrated strong performance, with increased flows into retirement and term deposit offerings contributing to $40 million in net inflows. AMP’s loan portfolio increased to $23.5 billion, while deposits remained stable.
Chief executive Alexis George noted the quarterly results reflected the strength of AMP’s strategic positioning across advice and member services. “Our Platforms business has delivered another standout performance, with net cash flows up over 60 per cent and AUM exceeding $83 billion,” George said. “In our superannuation business we’ve reached a significant milestone, delivering positive net cash flows for the quarter, for the first time since 2017.”
