The AMP Ltd (ASX: AMP) share price has risen more than 3% in response to a solid 2026 Q1 quarterly update.
AMP is a diversified financials business which offers services like financial advice, savings account, loans and more.
AMP 2026 Q1 quarterly update
Let’s look at the highlights fr0m the first three months of the year.
AMP said that its platforms net cashflow increased 45% year on year to $1.1 billion.
Superannuation and investments net cash outflow improved by 26% year on year to $80 million.
New Zealand wealth management net cashflows were $41 million, down from $57 million in the prior corresponding period.
The China Life Pension Company (CLPC) assets under management (AUM) increased 17% for FY25 to approximately A$515 billion. AMP said the Chinese pension market remains “compelling” with pillars 1 and 2 continuing to see strong growth.
AMP Bank GO deposits reached $942 million, up $632 million. The FY26 deposits are now expected to exceed $1.5 billion. This has been driven by the Qantas frequent flyer offer on transaction accounts and “competitive” GO save rates.
AMP’s total AUM ended the quarter at $155.9 billion across the wealth businesses reflected investment market movements, while the AMP Bank total loan book remained steady at $24.1 billion.
Management comments
AMP CEO Blair Vernon said:
Accelerating organic growth in our wealth businesses is one of my top priorities. The continued improvement in cashflows across Platforms and Superannuation & Investments demonstrates the momentum that we have.
In Platforms, we are seeing the benefit of the new adviser relationships we have built over the past 12 to 24 months, with another strong quarter for cashflows. We have delivered another market leading feature with our new North Interactive Wealth Portal, which is already receiving positive feedback from advisers. It follows the latest NMG Adviser Study, rating North the number one Platform across a number of key categories.
While AUM in our wealth businesses has been impacted by recent market movements, and cost of living pressures are weighing on client sentiment, the fundamental tailwinds in the sector remain strong.
AMP Bank GO continues to scale, with strong deposit growth in the period, driven by the Qantas Frequent Flyer offer on transaction accounts, and competitive GO Save rates. We are focused on achieving an appropriate mix of transaction and savings accounts, as part of our strategy to diversify our bank funding. We continue to manage margins in AMP Bank, with the loan book steady at $24.1 billion.
Final thoughts on the AMP share price
The business said it’s focused on optimising AMP Bank’s balance sheet through capital relief transactions, as market conditions allow, to reduce the capital deployed in AMP Bank because of the constraints on returns in this market.
AMP is largely headed in the right direction, aside from shorter-term market movements which can’t necessarily be controlled for. Sometimes there may be large increases, on a quarterly basis.
It’s not one of the most appealing ASX growth shares or ASX dividend shares around, so it’s not on my watchlist, but it’s good to see the business is moving in the right direction.
