AMP's first-half profit has plunged 74 per cent to $115 million after the company set aside $290 million to refund and compensate customers it overcharged for financial advice.
The financial advice group's revenue for the six months to June 30 was down six per cent to $7.17 billion.
AMP declared an interim dividend of 10 cents per security, franked at 50 per cent.
AMP's result is the first since damaging revelations at the banking royal commission that the group charged customers for advice and misled the regulator.
The revelations claimed the jobs of former CEO Craig Meller and chairman Catherine Brenner.
AMP's underlying profit - excluding the compensation provisions - was $495 million, down from $533 million.
Related reading
Commonwealth Bank annual profits fall by 4.8 per cent
AMP acting CEO Mike Wilkins said the results "demonstrated AMP's resilience through a difficult period".
"While there will be further challenges ahead, we have a strong foundation on which to reset the business and restore the confidence of our customers and the wider community," he said.
"The events around the royal commission into financial services have challenged our reputation, and while we continue to monitor the impacts, we have taken action to stabilise the business and move forward."
Share
