Australia’s AMP posts 24% drop in first-half profit By Reuters


© Reuters. FILE PHOTO: The logo of AMP Ltd adorns its head office located in central Sydney, Australia, May 5, 2017. REUTERS/David Gray

(Reuters) – Australian wealth manager AMP (OTC:) Ltd posted a 24.5% drop in half-yearly profit on Thursday, hurt by lower earnings from its Banking division and as heightened market volatility drove outflows from its flagship fund management arm.

For the six months ended June 30, the 173-year-old firm reported an underlying net profit after tax of A$117 million ($82.82 million), compared with A$155 million a year ago.

($1 = 1.4126 Australian dollars)

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