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AMP Limited (ASX:AMP) is a wealth management company whose core businesses includes AMP Capital and AMP Bank. In FY 2018, AMP bank reported operating earnings of A$148 million which was 5.7% higher than the previous corresponding period (pcp).
In an announcement made on 7 March 2019, AMP Bank has announced that it has made changes to its home loan rates.
The bank has reduced a range of fixed-rate loan options while increasing variable rates.
As per the announcement, the variable lending rates are going to be increased by 0.15% per annum for new and existing owner occupiers and investors.
The new variable lending rates will be effective from 8 March 2019 for new business and 11 March 2019 for the existing business. According to the bank, the change in the variable rates was driven by an increase in costs.
The bank has also announced New fixed lending rates for owner occupiers and investors. While announcing the new fixed lending rates, the bankâs Chief Executive Sally Bruce told that Bank recognizes that customers may be seeking certainty in a changing market which is why the bank is announcing some competitive fixed rates.
New fixed lending rates for owner occupiers and investors are as follows:
- 3.99% per annum for three-year Basic and Professional Package investment principal and interest.
- 4.06% per annum for five-year Basic and Professional Package owner-occupied principal and interest
Further, the bank announced that it will continue to offer the highly competitive 2-year Professional Package fixed rate for owner-occupied principal and interest customers.
In the financial year 2018, AMP Bank was able to maintain a competitive lending position with residential loans rising by 3% to A$19.5 Bl during the year.
AMP Limitedâs another core business AMP Capital reported operating earnings of A$167 million in FY 2018, up 7% on pcp.
Today, AMP Capital has announced the appointment of Debbie Alliston for the role of Chief Investment Officer for its Multi-Asset Group, effective immediately.
While commenting on the appointment, AMP Capital Global Head of Public Markets Simon Warner told that Mr. Debbie Alliston is having an excellent understanding of the business and he can help the AMP capital in executing its strategic priorities in a dynamic market. As at 31 December 2018, AMP capital had more than AUD$62 Bn in multi-asset funds under management.
However, AMP Limitedâs ratings were recently downgraded by the S&P (credit ratings agency).
Now, letâs have a glance at the companyâs stock performance and the return it has posted over the past few months. The stock is trading at a price of $2.370 with a market capitalization of ~$6.96 billion at the close of market on 7 March 2019. The counter opened the day at $2.370 and reached the dayâs high of $2.390 and touched a dayâs low of $2.360 with a daily volume of ~9,546,255. The stock has provided a year till date return of -2.87% & also posted returns of -28.40% and -1.66% over the past six months & three-months period respectively. It had a 52-week high price of $5.470 and touched 52 weeks low of $2.120, with an average volume of ~12,439,876.
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