AmBank Group Sustained Income And Profit Before Provisions Growth In H1FY21. Makes RM215 Million In Additional Pre-emptive Provision.

KUALA LUMPUR, Nov 30 (Bernama) — Dato’ Sulaiman Mohd Tahir (Dato’ Sulaiman), AmBank Group Chief Executive Officer said, “The recent resurgence in the number of COVID-19 cases underscores the highly volatile circumstances that are exacerbating the damage already inflicted on the economy while posing challenges to swift economic recovery. Against this backdrop, we have set aside an additional RM205 million to strengthen provision coverage in the second quarter of FY21, bringing our total allowances to RM1.74 billion on our balance sheet. This has raised the Group’s loan loss coverage to 99.9% and further increased our credit reserves against the risks posed by the pandemic. Amidst the health crisis and macroeconomic headwinds in the first-half of FY21, I am pleased that the Group has delivered resilient results with sustained growth in revenue and profit before provisions, which were up 5.3% and 9.8% respectively. The Group’s net profit stood at RM602.5 million as a result of the additional macro provisions taken. Excluding the net modification loss and pre-emptive macro provisions, underlying net profit was RM791.9 million, up 11.4%.” 

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