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AMP reports strong mortgage growth

by Nick Bendel7 minute read

AMP Bank has thanked brokers for their “essential” contribution after growing its loan book by almost 10 per cent.

The bank’s first-quarter results revealed that its loan book reached $13.7 billion by March 31, which was 9.6 per cent higher than the year before.

A spokesperson told The Adviser that AMP was pleased with the continued growth of its mortgage business.

“Our priority is on having competitive products that deliver what our customers want,” the spokesperson said.

“AMP Bank is centred around our customers and our third-party distribution model, of which mortgage brokers are essential, and it's important for us that they continue to receive compelling offers and consistent service.”

AMP will continue to focus on product and service developments over the coming year, including investing in technology, according to the spokesperson.

“The recent launch of AMP’s app, which combines a customer’s banking, superannuation, investments and insurance for them to access wherever they are, is an example of how we’re investing in technology to improve the customer experience.”

AMP has a 0.50 per cent share of the mortgage market, according to the latest APRA banking statistics.