AMP reported a 5.4% rise in underlying net profit after tax (NPAT) of $118 million for the half year ended June 30, up from $112 million in 1H23.

Statutory NPAT fell from $261 million in the corresponding prior period to $103 million in the half, which AMP said mainly reflected a $209 million gain on the sale of the AMP Capital and SuperConcepts businesses.

Moreover, AMP Bank delivered an underlying NPAT of $35 million, down 38.6% from 1H23. Net interest income decreased by 18.5%, while net interest margin remained stable at 1.14%.

He also confirmed that the launch of the company's digital small business bank is on track for 1Q25 as part of its strategy to diversify the revenue and funding mix at AMP Bank.

AMP's platforms business posted a 22.7% increase in underlying NPAT to $54 million, which it said was primarily driven by stronger market conditions and disciplined cost controls.

Meanwhile, the core NPAT loss of AMP's consulting business narrowed from $25 million in 1H23 to $15 million in 1H24, which AMP also said reflected continued disciplined cost management.

"We have made good progress this half on our key strategic commitments and have positive momentum heading into the second half of the year," said AMP chief executive Alexis George.

"We have continued to deliver simplification and cost reductions while driving the growth of our assets and returning capital to shareholders."

Meanwhile, the firm's super and investment division reported underlying NPAT of $34 million, an increase of $6 million (21.4 percent) from 1H23, driven by lower variable costs, higher investment income and continued cost discipline, AMP confirmed .

According to George, the company has "significantly strengthened" its member offering with strong ROI, competitive fees and a compelling insurance proposition, coupled with reduced churn and improved retention in this business.

“In terms of platforms, our continued focus on the IFA market is driving flows and we continue to build momentum across our managed portfolios. The innovative retirement solution MyNorth Lifetime is gaining traction with IFAs and is an important factor in conversations with advisers about the benefits of choosing North,” she said.

Also on Thursday, AMP announced a "strategic partnership" that would see it sell a majority stake in its consultancy licensees to Entireti and its minority stakes in 16 consultancy practices to AZ NGA - which, the firm said, would create a "sustainable business model for advice on AMP' and transform the advice world in Australia.

Providing an update on the third tranche of its capital return programme, which was temporarily suspended last year, AMP confirmed the program is still ongoing as it continues to deliver on its commitment to return $1.1 billion to shareholders.

"Our capital management program remains a focus and the board is pleased to announce an interim dividend for FY24 of 2 cents per share, 20 per cent franked," George said.

The interim dividend, according to AMP, will represent $52 million from tranche three, which has returned $963 million to date.

In a February update, George explained that the company now has a "clear strategy" focused on three areas.

“The first is to drive the profitability of our business, AMP Bank, master trust, advice, platforms and New Zealand. The simplification program and the investments we have made across the portfolio are delivering positive results for our customers and providing a foundation for sustainable growth,” she said at the time.

The second is "effective cost and capital management", while the third involves building its wealth value chain capabilities and large customer base to create new revenue streams and lasting points of differentiation with customers.