AMP (ASX:AMP), Australian financial services company, confirms their FY23 costs are on pace with FY22.

The company plans to return a further A$140 million by 31 October 2023 through an interim dividend and the remaining on-market buyback.

AMP has articulated a goal to yield A$120 million in manageable cost savings by FY25.

Along with maintaining FY23 costs in line with FY22, the company forecasts that their cost initiatives will bring down their cost to income ratio from the existing 66.2% to low 60s.

Cost efficiency remains AMP’s continued focus.

They have temporarily paused the start of their third tranche capital return.

By the end of Q2, the total platforms assets under management stood at A$68,322 million.

AMP is an Australian-based financial services company that provides retail banking, wealth management, and life insurance products to customers.