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AMP reports 2012 net profit of $721.5m

AMP Limited, an independent wealth management company in Australia and New Zealand, has delivered a net profit of A$704 ($721.5m) for the year 2012, compared to A$688m ($705m) during the comparable period earlier year.

For the year ended on 31 December 2012, its underlying profit, which is the preferred measure of profitability of AMP, stood at A$955m ($978.7m) against A$909m ($931.6m) during the corresponding period last financial year.

Underlying return on equity for the year was 12.8% compared to 15.1% during the same period a year ago.

Commenting on the financial result, AMP chief executive officer Craig Dunn said, "The ongoing strengthening of our core Australian business, along with our expansion into the self-managed fund sector and selected offshore markets through AMP Capital, continue to provide further opportunities for growth."

AMP Financial Services New Zealand reported operating earnings of A$73m ($74.8m) for the current fiscal year, against A$76m ($77.8m) during the year ago period.

As at 31 December 2012, the company held A$2.4bn capital in excess of minimum regulatory requirements (MRR) under existing capital standards, up by A$877m ($898.8m) from 31 December 2011.