AMMB Group’s total income for FY24 of RM4,646.6 million was broadly in line with FY23 despite the effects of NIM compression The group’s NII declined 6.7% to RM3,304.2 million, whilst NOII delivered strong YoY growth of 14.7% to RM1,342.4 million and this helped to offset the effects of NIM compression.
Reported PATMI of RM1,868.1 million, increased 9.3% YoY, while return on Equity (ROE) improved to 10.0% (FY23: 9.8%) while Return on Assets (ROA) improved to 0.97% (FY23: 0.90%)
NoII growth was primarily contributed by higher fee income from Investment Banking, Fund and Wealth Management, as well as higher investment income and trading gains from GTM and FX income from Business Banking and Retail Banking. Income from Continuing Operations3 was marginally higher at RM4,595.5 million, led by NoII growth of 19.2%, offset by a 5.5% drop in NII.
The group said prudent cost management brought expenses down by 2.3% to RM2,051.7 million, improving CTI marginally
to 44.2% (FY23: 44.6%). Continuing Operations3 CTI was 44.6%. was marginally lower by 0.6% YoY at RM2,594.9 million. Continuing Operations3 PBP fell 1.5% YoY to RM2,543.8 million. Net impairment charge was higher at RM769.7 million (FY23: RM466.9 million) due to additional credit impairment overlay of RM328.2 million and intangible assets impairment of RM111.9 million taken in Q3FY24. Net impairment charge for Continuing Operations , excluding these one-off charges, was 6.8% lower YoY at RM329.6 million with higher writebacks in Wholesale Banking offsetting higher impairment charges in Retail Banking, Investment Banking and Business Banking.
The Group proposed a dividend of 16.6 sen per share in Q4FY24. Together with the interim dividend of 6.0 sen per share declared in Q2FY24, FY24 total annual dividends amounted to 22.6 sen per share, an increase of 23% YoY.
