AmBank Group announced its Q1FY24 results posting an income growth of 4.3% YoY to RM1.2 billion while continuing Operations reported a 11.2% YoY growth in total income, driven by a 67.8% increase in Non-Interest Income (NoII), marginally offset by a 2.7% reduction in Net Interest Income (NII).
Profit Before Tax declined 7.6% YoY to RM503.7 million. On a continuing operations basis, PBT declined 9.6% YoY to RM452.6 million. Profit After Tax stood at RM403.5 million, a 5.1% YoY decline. On a continuing operations basis, PAT declined 8.9% YoY to RM352.3 million
Net profit after tax and minority interests (PATMI) at RM378.4 million, a 7.8% YoY decline. Continuing Operations PATMI declined 8.9% YoY to RM352.3 million. Meanwhile Gross impaired loans (GIL) ratio at 1.66% (FY23: 1.46%) with loan loss coverage (LLC) ratio (including regulatory reserves) at 115.6% (FY23: 127.7%). Annualised Return on Equity (ROE) stood at 8.3% (Q1FY23: 9.8%)
AmBank Group Chief Executive Officer, Dato’ Sulaiman Mohd Tahir commenting on the result said, “This quarter’s financial results underscores AmBank’s commitment to resilience and strategic diversification of revenue sources. We navigated net interest margin compressions and, at the same time, solidified our liquidity with capital ratios improving further.”
As for the outlook in 2024, Sulaiman concluded, “The robust 5.6% economic growth in the first quarter of 2023 paints a promising future for our nation’s fiscal trajectory. Despite the headwinds of tempered exports and muted external appetites, we are bullish on domestic demand, a pillar that has consistently been the backbone of our local
economy.
