Australian money manager AMP reported higher half-year earnings, driven by strong net cashflows in wealth platform and banking unit margin improvement. However, fell short of market expectations, causing shares to drop. CEO Alexis George highlighted discipline and strategy delivery. AMP Bank saw profit rise to A$36 million with NIM at 1.30%. AMP expects NIM to stay around 1.30% for the full year. New digital bank AMP Bank GO attracted 7,500 customers and A$123 million in balances. Group costs decreased by 4.4%, helping offset inflationary pressures. Platforms segment profit increased by 7.4% with net cash inflows of A$2.3 billion. Analysts at Jefferies noted lower earnings from savings and investments. Interim dividend of 2 Australian cents per share declared.

Read more at Yahoo Finance: Australia’s AMP half-year earnings improve but shares drag on profit miss