KUALA LUMPUR, Aug 26 (Bernama) — AMMB Holdings Berhad (AmBank Group or the Group) today announced its financial results for its first financial quarter ended 30 June 2020 (Q1FY21).
Summary of Q1FY21 Results¹
· Total income up by 2.6% to RM1,092.4 million, underpinned by higher trading and investment income, partially offset by margin compression and net modification loss of RM57.5 million. Excluding the net modification loss, underlying income increased 8.0%
· Expenses were well contained at RM538.6 million, up by 1.9%. Cost-to-income (CTI) ratio improved further to 49.3% from 49.7% a year ago
· Profit before provisions (PBP) increased 3.3% to RM553.8 million, underlying PBP grew 14.1%
· Net impairment charge of RM49.9 million (Q1FY20: net recovery of RM32.5 million), with an additional RM10.3 million pre-emptive macro provision
· Gross impaired loans (GIL) ratio of 1.66% (FY20: 1.73%), with loan loss coverage² (LLC) ratio at 97.0% (FY20: 93.4%). Regulatory reserve of RM382.3 million, together with total expected credit loss allowances, represent 1% of total credit exposures