AMMB Q2 earnings up 10.2% to RM396.57m

KUALA LUMPUR: AMMB Holdings Bhd's registered a 10.2% increase in its earnings to RM396.57mil for the second quarter ended Sept 30, 2012 from RM360.07mil a year ago, supported by higher net-interest income and lower allowances.
It announced on Thursday revenue increased by 8.1% to RM2.045bil from RM1.892bil. Earnings per share were 13.22 sen compared with 12.04 sen. It declared an interim dividend of 7.0 sen per share.
For the first half, its earnings increased by 7.1% to RM845.15mil from RM789.08mil. Revenue increased by 5.7% to RM4.047bil from RM3.826bil.
AMMB Holdings group managing director Ashok Ramamurthy said: "It was a sound and consistent performance for us in H1FY2013 and in line with expectations".
He said net-interest income improved despite competitive pricing in selected segments, supported by volume growth in loans and deposits.
"Net lending grew 10.5%, the highest in six quarters, to RM80.1bil. This was underpinned by faster than industry business and corporate loans growth while we maintained focus on viable segments for retail loans growth.
"Our disciplined focus on credit quality continues to deliver benefits with lower charge offs and allowances in all segments," he said.
Ramamurthy said the banking group continued to strengthen capital and funding to support the group's growth plans and business expansion.