Feb 14 (Reuters) - Australia’s largest wealth manager AMP Ltd reported a 35 percent fall in annual underlying net profit on Thursday, matching its guidance and reflecting underperformance at its domestic wealth management arm.
Underlying net profit, which ignores one-off items, came in at A$680 million ($482 million) for the year ended Dec. 31, compared with A$1.04 billion the previous year, AMP said in a statement. The company had forecast an underlying profit of A$680 million last month, a 35 percent drop.
Net cash outflows from its Australian wealth management unit were A$3.97 billion during the year, compared with net cashflows of A$931 million during the previous year.
$1 = 1.4108 Australian dollars Reporting by Ambar Warrick and Rushil Dutta in Bengaluru; Editing by Stephen Coates and Susan Fenton