AMP profit to drop 97% to only A$30 million

Australian wealth manager AMP has forecast a 96% plunge in its full-year profit in the wake of a fee scandal, confirming it will set aside another A$200m to cover the cost of customer remediation related to issues heard at the financial services royal commission. AMP says it expects to report an underlying profit of about A$680m for calendar 2018 but that net profit attributable to shareholders will be just A$30m. That's down from an A$848m net profit in 2017. First-half net profit was A$115m, down from A$445m from the previous first-half. The results are still being finalised and ...