Bank gives Q3 update

by Madison Utley25 Oct 2019

A non-major bank acknowledged the support of the mortgage broker channel in its Q3 update provided yesterday.

AMP Bank’s total loan book grew by $0.1bn to $20.3bn over the quarter, an increase attributed to “ongoing growth” from the mortgage broker channel even amidst subdued market conditions.

The bank also experienced strong retail and platform deposit growth of $0.6bn to $14.5bn.

AMP chief executive Francesco De Ferrari said, “AMP Bank has again delivered exceptional value to clients, which is reflected in strong deposit growth and an increase in our loan book.

“Each of our businesses performed broadly as expected during the third quarter.”

The Q3 update closely followed the announcement AMP is combining its banking and Australian wealth management businesses into a combined organisation to be named AMP Australia.

The restructure has been part of the group’s long-term plan, but was accelerated by AMP Bank CEO Sally Bruce’s decision to step down from her role.

Earlier this year, during its half year debrief, AMP also communicated plans to drill down on its direct channel, as part of the bid to create an institution that is “truly client centric and client led.”

“We need to get closer to our own clients and grow our direct channel. So, while we’re maintaining our broker and corporate super relationships, we need to reshape our aligned network. We need to invest heavily in building our direct and digital service proposition,” De Ferrari said.