The group remains optimistic on the back of resilient demand despite global challenges.
PETALING JAYA: AMMB Holdings Bhd’s net profit fell 8% to RM378.37 million in the first quarter ended June 30, 2023 from RM410.39 million a year before amid a sharp rise in net impairment charges mainly due to higher provisions.Net impairment charges stood at RM190.4 million during the quarter compared to RM63.9 million in Q1 FY2023, which included a forward-looking charge of RM101.7 million, offset by overlay reversals of RM99.6 million.
“The strong growth in non-interest income from continuing operations was driven by trading gains in securities, higher fees earned from business banking, investment banking and asset management, as well as improved income from life and general insurance. The bank’s loan loss coverage ratio stood at 115.6% during the said quarter, while the gross impaired loan ratio was 1.66%.
This decline resulted in a year-to-date reduction of -4.2% in the loans portfolio for wholesale banking and -3.7% YTD for business banking.Sulaiman said that despite global challenges, namely restrained exports and limited international interest, the bank remains optimistic about its growth due to resilient domestic demand.
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