KUALA LUMPUR: AMMB Holdings Bhd’s net profit in the third quarter (3Q) ended Dec 31, 2019 rose to RM382.14 mil from RM349.87 mil in the same quarter of the previous financial year.
Revenue grew to RM2.37 bil from RM2.3 bil previously.
For the nine-month period, the banking group’s net profit increased to RM1.09 bil from RM1.04 bil in the same period of 2018 while revenue grew 4.8% to RM7.10 bil against RM6.78 bil previously.
Group CEO Datuk Sulaiman Mohd Tahir said the banking group once again outpaced the macroeconomic and geopolitical headwinds plaguing the sector with its increased net profit.
“Indeed, we stepped up our revenue growth momentum to record a robust 9.1% growth year-on-year in total income as a result of net interest income growth, strong trading gains and investment income as well as higher investment banking fee income,” he said in a statement today.
He said the better performance was testament to the banking group’s strict cost discipline that enabled it to make notable progress in cost efficiency, achieving a cost-to-income of 49.6% compared with 54.3% in FY19.
As a result, it managed to deliver strong growth in profit before provision of 13.5%.
Sulaiman said in the wake of the Covid-19 outbreak, the banking group would offer temporary deferment or restructuring of the instalment repayments for individuals and small and medium enterprise customers.
“AmBank is sympathetic towards the plight of our customers who are affected by the outbreak and we are committed in assisting them during these trying times,” he said.
He added that barring any unforeseen circumstances, the banking group is expected to meet its financial year 2020 financial guidance to investors. – Feb 27, 2020, Bernama
