Tuesday, 14 February 2012

AMMB Holdings pre-tax profit surges to RM1.6b

AMMB Holdings Bhd's pre-tax profit for the nine months ended Dec 31, 2011 surged to RM1.598 billion on steady growth seen in non-interest income and lower provisions as compared with RM1.439 billion it posted for the same period last year. Revenue jumped to RM6.047 billion from RM5.302 billion previously.

"This is our 19th consecutive quarter of profit growth, reflecting AmBank Group’s achievements towards delivering its Medium-Term Aspiration," its group managing director, Cheah Tek Kuang, said in a statement today.

Cheah said the group continued to focus on growing sustainable non-interest income, CASA (current account, saving account) and loans targeting profitable and viable segments, as well as enhancing its customer service levels.

The group's return on equity continued to improve and stood at 14.6 per cent, while earnings per share rose by 14.3 per cent to 39.1 sen.

Sustainable non-interest income as well as fee income contributed to 36 per cent of the group's total income, up from 22 per cent last year. However, net interest margin was lower at 2.74 per cent.

In a filing to Bursa Malaysia, the group said going forward, it was cautious in its outlook given the uncertain global economic backdrop.

"We remain focused on loans growth targeting profitable and viable segments, accelerating deposits growth especially low-cost deposits and expanding non-interest income," it said.

It said the launch of the new joint venture AmFamily Takaful Bhd would position the group to participate in the fast-growing takaful segment and strengthen the insurance and wealth management businesses. As at Dec 31,2011, the group’s total assets stood at RM107.2 billion.

Meanwhile, the group’s banking subsidiaries' aggregated risk-weighted capital ratio stood at 14.7 per cent as at Dec 31, 2011, compared with 14.4 per cent as at March 31, 2011. -- Bernama

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