Wednesday, November 16, 2011

#Flash* AMMB 2Q earnings up 10.9% to RM369.4m from yr ago

KUALA LUMPUR (Nov 16): AMMB HOLDINGS BHD []'s earnings rose 10.9% to RM369.47 million in the second quarter ended Sept 30,2011 from RM332.87 million a year ago, boosted by the group's retail banking operations.

It said on Wednesday its revenue increase by 20.5% to RM2.138 billion from RM1.773 billion while earnings per share were 12.35 sen versus 11.08 sen. It declared a single tier dividend of 6.6% per share.

For the first half, its earnings increased by 15.6% to RM810.99 million while its revenue increased 17.6% to RM4.092 billion from RM3.477 billion.

AMMB also said its core capital ratio strengthened to 10.4% as at end September from 10.2% at end March while the risk-weighted capital ration increased to 14.9% from 14.4%.

'Improvement in earnings for current reporting quarter ended Set 30, as compared to preceding financial year corresponding quarter was mainly attributed to net impairment writeback on financial investment of RM17.7 million as opposed to net impairment loss of RM45.0 million, higher other operating income and net income from Islamic banking business by RM33.6 million and RM27.5 million respectively,' it said.

AMMB said the higher earnings from net income from insurance business of RM49.7 million and net interest income of RM524.8 million had also contributed to the improvement in earnings for the current reporting quarter ended Sept 30.

The banking group said the improvement in earnings for current reporting quarter from a year ago was partially off-set by higher other operating expenses, higher allowances for impairment on loans and financing, higher impairment loss on foreclosed PROPERTIES [] and doubtful sundry receivables of RM428.0 million, RM121.1 million, RM28.2 million and RM1.3 million respectively.


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