AMMB Holdings for the 1HFY24 saw its total income of RM2.32 billion which was a similar level to last year with the reduction in Net Interest Income (NII) being offset by strong growth in Non-Interest Income (NoII).
The group saw its NII decline 7.4% as a result of Net Interest Margin (NIM) compression (H1FY24: 1.79% vs H1FY23: 2.17%) while NoII grew 23.7% from higher fees, trading gains, and investment income. Excluding the RM51.1 million gain from the completion of the AmGeneral Holdings Berhad disposal to Liberty Insurance Berhad, Continuing Operations reported a 3.4% YoY growth in total income to RM2,274.5 million, driven by a 36.2% increase in NoII, partially offset by a 5.2% reduction in NII
Profit After Tax increased 12.2% YoY to RM873.4 million. On a continuing operations basis, PAT declined marginally YoY to RM822.3 million
- Net profit after tax and minority interests (PATMI) improved marginally by 1.3% YoY to RM848.1 million, mainly driven by stronger Q2FY24 PATMI which grew 24.2% QoQ. Continuing Operations3 PATMI declined marginally YoY to RM822.1 million but with a stronger 33.3% QoQ growth
AmBank Group Chief Executive Officer, Dato’ Sulaiman Mohd Tahir (Dato’ Sulaiman) said, “I am pleased to report that the Group delivered a strong set of Q2FY24 results that underpinned a resilient H1FY24 performance. We achieved this while navigating a challenging external environment in the second quarter of calendar year 2023.
The Group also stands at a position of strength with a much-improved capital position, which led to an
upgrade in the Group’s credit rating to AA2 by RAM.”
The Group proposed an interim dividend of 6.0 sen per share, which translates to a dividend payout ratio of 23% for H1FY24
