AMMB enjoys 19th month of consecutive profit growth

AMMB's 9-month pre-tax profit until Dec 31, 2011 surged to RM1.598 billion from RM1.439 billion it posted for the same period last year.

This was mainly ascribed to steady growth seen in non-interest income and lower provisions.

Revenue jumped to RM6.047 billion from RM5.302 billion previously.

"This is our 19th consecutive quarter of profit growth, reflecting AmBank Group's achievements towards delivering its Medium-Term Aspiration," its group managing director, Cheah Tek Kuang, said in a statement today.

Cheah said the group continued to focus on growing sustainable non-interest income, current and saving accounts, and loans targeting profitable and viable segments, as well as enhancing its customer service levels.

The group's return on equity continued to improve and stood at 14.6 per cent, while earnings per share rose by 14.3 per cent to 39.1 sen.

Sustainable non-interest income as well as fee income contributed to 36 per cent of the group's total income, up from 22 per cent last year.

However, net interest margin was lower at 2.74 per cent.

For the source of this story, click here.

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