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(Reuters) -Australian wealth manager AMP Ltd said on Thursday its half-year profit fell by nearly a quarter as margin pressure weighed on the performance of its banking division.
Net interest margin at AMP Bank fell to 1.32% in the first half of the fiscal year, from 1.62% a year earlier, dragged down by growth in fixed-rate loans - which are less profitable.
Margins, however, started to recover thanks to interest rate hikes from the Reserve Bank of Australia, the company said.
AMP has been t...
>>> Read more: AMP's profit drops as margin pressure squeezes banking division
Net interest margin at AMP Bank fell to 1.32% in the first half of the fiscal year, from 1.62% a year earlier, dragged down by growth in fixed-rate loans - which are less profitable.
Margins, however, started to recover thanks to interest rate hikes from the Reserve Bank of Australia, the company said.
AMP has been t...
>>> Read more: AMP's profit drops as margin pressure squeezes banking division
