Lender not letting market instability distract from goals
AMP Bank reported a loan book of $23.3bn for the first quarter of 2025, down from $23.5bn in the first quarter of 2024 but steady on a sequential basis.
Total deposits also saw a marginal year-on-year drop to $20.7bn, although this represented a decent sequential improvement of $200m.
Assets under management (AUM) at the end of the first quarter totalled $78.8bn, comprising 43% pension, 37% superannuation and 20% investment. This marked a year-on-year improvement from $74.3bn, but a sequential decline of a billion dollars.
The bank’s chief executive Alexis George (pictured) attributed the reduced AUM to “significant volatility in investment markets”.
“However, we are not allowing ourselves to be distracted by the market instability and we remain focused on delivering for customers.
“We are continuing to introduce new features, functionality and support for North that helps advisers better service their clients – and we are seeing adviser numbers continue to grow.”
George said AMP has received positive customer feedback and engagement since launching the new digital bank in February, which is aimed at diversifying the bank’s funding mix by targeting small business and personal customers.
“We continue to consciously manage the loan book in our mortgage business in order to prioritise margin, and NIM (net interest margins) for the quarter remains steady,” she added.
