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Why did the AMP share price just crash more than 13%?

Why did the AMP share price just crash more than 13%?


Published on 2025-02-13 19:41:11 - MSN
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  • AMP shares are taking a beating on Friday. But why? The post Why did the AMP share price just crash more than 13%? appeared first on The Motley Fool Australia.

The AMP share price experienced a significant drop of over 13% following the release of its full-year results for 2023. Despite reporting a net profit after tax of $265 million, which was a 6.5% increase from the previous year, the market reacted negatively due to several factors. AMP announced a $50 million cost reduction program, which included job cuts, and a $20 million investment in its platform business. However, the company also reported a 25% decrease in underlying profit to $199 million, attributed to lower margins in its banking and wealth management sectors. Additionally, AMP's wealth management division saw a 10% drop in assets under management to $124.2 billion, and its banking arm faced challenges with a 10% reduction in net interest margins. These results, combined with a lack of positive outlook for the upcoming year, led investors to sell off shares, reflecting broader concerns about AMP's future profitability and strategic direction.

Read the Full MSN Article at:
[ https://www.msn.com/en-au/money/top-stocks/why-did-the-amp-share-price-just-crash-more-than-13/ar-AA1z0KK7 ]
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