The non-major bank’s broker volumes continued to increase over FY25, even as lending volumes remained soft.
AMP Limited has released its full-year results today (12 February) for the financial year ending December 2025 (FY25), marking the final annual presentation for chief executive Alexis George, who is set to retire from executive roles on 30 March.
Over the last calendar year, AMP Bank’s residential mortgage book grew 3.8 per cent to $23.9 billion, up from $23.0 billion in FY24 (when AMP Bank’s loan book reduced) – but still below the $24.4 billion held in FY23.
This growth (around 0.6 times system) reflects a “careful margin management” strategy, prioritising higher-return lending opportunities over volume and focusing its attentions on its new digital bank, AMP Bank GO (which launched in February last year), in a bid to diversify its funding mix. (As of 31 December 2025, it reached 15,665 customers and $310 million in deposits, with a long-term target of $1 billion.)
Similar to broader market trends, the bank saw significant activity from the investor segment, as it prioritises product innovation for investor clients. Investors now account for 39 per cent of the overall portfolio (previously 38 per cent), while owner-occupied loans make up approximately 60 per cent.
Brokers remain the primary channel for the bank, with broker-originated flows increasing to 95 per cent, up from 94 per cent in FY24. It comes after the bank unveiled a new broker platform over the year, aimed at cutting common pain points from the home loan process to make it quicker and easier for brokers to facilitate mortgages.
Speaking to The Adviser, George commented: “We’ve been very open about the fact that – as we build AMP Bank GO – we wanted minimal growth because we need to diversify our funding. But our primary focus has been brokers – and we don’t shy away from that. We don’t have a great direct distribution, and we are totally supportive of the broker channel.”
“I think the new tool that we put in for brokers to submit their applications is certainly being well-received,” she continued.
“We’re getting quite good feedback on the timeliness there and actually making sure that applications are complete. So that certainly is one reason for that growth.”
“And we’ve also been very focused on investor-only and trying to innovate in that space as well.”
Under George’s leadership, AMP has positioned itself as the group “helping more Australians to retire with confidence”.
This ambition has recently seen the bank target more niche mortgage offerings, including 10-year interest-only loans and SMSF home loans.
The outgoing CEO Alexis George reflected on her legacy, stating she was most proud of the bank’s commitment to innovation as it built a differentiated proposition targeting the “pre-retiree space”, helping more people access “cash flow to enjoy life while they’re still healthy and agile”.
She told The Adviser that the bank is still “working on things that are a bit different”, and “looking for those niches where AMP can add a differentiation”.
‘An important year for AMP’: George
Reflecting on the group’s overall full-year results, George highlighted the company’s transformation.
“2025 was an important year for AMP with resolution of legacy items and stabilisation of the portfolio. This enabled renewed focus on winning in the segments we play, growing the wealth businesses, and building on the vision to be the place that customers come to plan for a dignified retirement,” she said.
While the CEO acknowledged there had been “considerable tailwinds in the wealth and retirement sector”, she said the group had “a clear strategic focus and a strong balance sheet”.
“This means we are well-positioned to continue to drive organic growth, while also having the capacity to participate in inorganic opportunities when they arise. We will consider these only where there is a compelling case to build our scale or accelerate development of our capabilities,” she said.
George concluded: “It has been an incredible privilege to lead AMP for nearly five years as CEO, and I am proud of what we have achieved during that time.
“We have repositioned and simplified the business; returned $1.1 billion of capital to shareholders as well as recommencing dividend payments; resolved several legacy legal matters and established strong foundations for the businesses to grow into the future.
“I am pleased that the board’s strong succession planning has ensured a smooth transition, with our CFO Blair Vernon taking on the role of CEO when I step down at the end of March.
“With a proud heritage of helping people retire with confidence, innovative products and solutions and a strong balance sheet, AMP is positioned to lead in wealth and retirement under Blair’s leadership.”
Overall, AMP Limited saw underlying net profit after tax (NPAT) increase by 20.8 per cent to $285 million – largely driven by its North superannuation and investments arms.
Statutory NPAT fell to $133 million (down from $150 million), reflecting the settlement of legacy legal matters and business simplification.
While AMP Bank GO recorded a $10 million investment loss during its initial scale-up (reflecting the go-to-market launch and run costs), the total AMP Bank contribution to the group’s net profit after tax (NPAT) was $55 million (down 9.8 per cent on last year), representing 19 per cent of the group’s NPAT.
The group saw a final FY25 dividend of 2.0 cents per share, 20 per cent franked, bringing the total FY25 dividend to 4.0 cents per share, in line with guidance.
[Related: AMP announces new CEO]
