AMP is increasing its dividend payout, profit jumps by one-third

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Wealth management group AMP is increasing its dividend payout after lifting profit by 33% to $507 million for the half year to the end of June.

The result, within analyst expectations, was driven by strong growth in all its businesses. Underlying profit was up 12% to $570 million compared.

The company declared a 12% increase to the interim dividend to 14 cents a share. This is a payout ratio of 73% of underlying profit.

CEO Craig Meller says the performance reflects a strong contribution from the core Australian business.

“It is also particularly encouraging to see strong progress from our partnership in China,” says Meller.

Here are the results in detail:

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