Australia's AMP half-year earnings improve but shares drag on profit miss

AMP's Financial Performance: AMP reported a half-year underlying net profit of A$131 million, which was below market expectations, leading to a 4.2% drop in its stock price. The company highlighted strong cash inflows and improved margins in its banking unit despite the earnings miss.

Future Outlook and Developments: AMP Bank's profit rose by 2.9%, with a maintained net interest margin expected at around 1.30%. The launch of the new digital bank attracted significant customer interest, while controllable costs decreased, helping to mitigate inflation impacts.