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AMP book grows, group sees outflows

Mortgage Business AMP book grows, group sees outflows By Malavika Santhebennur 23 April 2021 While the bank posted marginal loan book growth, the group reported net outflows in its wealth management and AMP Capital divisions. AMP Ltd has provided an assets under management (AUM) and cash flows update for the first quarter of 2021 (Q1FY21 covering January to March 2021), which showed that AMP Bank’s loan book totalled $20.8 billion, up from $20.6 billion in Q4FY20. The bank attributed the growth to an uptick in owner-occupied loans in a “highly competitive” market. According to the Australian Prudential Regulation Authority’s monthly authorised deposit-taking institution statistics, as at 28 February 2021, AMP Bank’s loan book totalled around $18.4 billion. Owner-occupied loans totalled around $13.16 billion, while i

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