National

Wealth manager's shares plunge after profit drops

Feb 12, 2026

AMP INTERIM RESULTS — AMP's full-year bottom-line net profit for the 2025 calendar year has come in at $133 million. -AAP Image

Wealth manager and financial services giant AMP has been hammered on the stock market after a series of one-off costs led to a drop in full-year profit.

Hold tight - we’re checking permissions before loading more content

The group's shares had plunged 22.1 per cent to a seven-month low of $1.36 in early trading on Thursday.

The retirement solutions specialist said that settling legacy legal claims and a business simplification program had led to its statutory profit for 2025 falling 11 per cent to $133 million.

Excluding those one-off costs, its underlying net profit rose almost 21 per cent to $285 million, helped by higher results in its superannuation and investments arm and the North super and pension wrap platform business. The result was at the top end of market consensus.

Chief executive Alexis George acknowledged the market's negative reaction during a conference call with analysts on Thursday.

"But I believe these are credible results," she said.

"We've delivered what we've said we would."

In an earlier interview with AAP, Ms George, who is retiring in six weeks, said its advice platform had performed particularly well.

"But all business units are showing improvement," she said.

AMP has slimmed down and simplified its business considerably under Ms George's five-year tenure as CEO, focusing on the wealth and retirement sector as well as its banking arm.

AMP Bank's underlying profit dropped 9.8 per cent to $55 million, reflecting the cost of scaling its new digital bank, which is aimed at individuals and micro-businesses.

AMP Bank GO, which launched in February with a single product, suffered an underlying loss of $10 million.

It has grown to $310 million in deposits and 15,665 customers, which AMP said was ahead of expectations.

Overall, Ms George said 2025 was an important year for AMP with the resolution of legacy issues and stabilisation of the group's portfolio.

"This enabled renewed focus on winning in the segments we play, growing the wealth businesses, and building on the vision to be the place that customers come to plan for a dignified retirement," she said.

AMP has previously been dealing with class actions following the banking royal commission, concluded in 2019, which found it had charged clients fees for no service, although some cases did not eventuate.

AMP will pay a final dividend of two cents per share, taking the full payout for the year to four cents.