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flag AMP's net profit fell 43% in 2024, but underlying profit rose 15% as the firm pivots to digital banking.

flag Financial services firm AMP reported a 43% drop in statutory net profit to $150 million for 2024 due to business simplification costs and the sale of its advice division. flag However, underlying net profit increased by 15% to $236 million, and cash outflows in superannuation and investments dropped significantly. flag AMP plans to focus on becoming a leading digital bank and retirement specialist.

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