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AMP reports FY'17 net profit

AMP Ltd. reported a net profit attributable to shareholders of A$848 million, or a profit of 29.1 cents per share, for full year 2017, compared to a net loss of A$344 million, or a loss of 11.7 cents per share, in the year-ago period.

The S&P Capital IQ consensus normalized EPS estimate for the full year was 35 cents, while the GAAP EPS estimate was 31 cents.

Underlying profit increased to A$1.04 billion from A$486 million in the previous fiscal year, driven by a recovery in Australian wealth protection earnings and higher profit from AMP units AMP Bank Ltd. and AMP Capital.

The group's Australian wealth protection business reported a profit of A$110 million, compared to a loss of A$415 million in the year-ago period. The Australian wealth management operations' profit declined to A$391 million from A$401 million over the same period.

AMP Bank Ltd.'s net profit increased to A$140 million from A$120 million, while AMP Capital's net profit climbed to A$156 million from A$144 million in the year-ago period.

The company also declared a final dividend of 14.5 cents per share, up from the prior-year dividend of 14 cents per share. Together with an interim dividend of 14.5 cents per share, the company's total dividend for the fiscal year increased to 29 cents per share from 28 cents per share in the prior-year period. The final dividend is payable March 28 to shareholders of record as of Feb. 22.