AMBank profit up 5.9% to $84.93m in Q1

Expenses fell 7% to $125.19m amidst the bank’s efficiency programme.

AmBank opened the financial year on stable footing after the bank's profits rose 5.9% to $84.93m (RM348m) in Q1 FY19, according to a media release.

The bank’s income hit $247.47m (RM1,014m) on the back of higher net interest income which grew 4.7%.

The bank’s expenses also fell 7% to $125.19m (RM513m) to reflects savings from lower headcount and business efficiency initiatives under the BET300 which aims to achieve $73.22m (RM300m) in gross cost savings. As a result, cost-to-income (CTI) ratio improved to 50.6% from 56.3 % in Q1 FY18.

Loan growth also clocked in at 2.2% YTD. The bank booked a gross impaired loan (GIL) ratio of 1.77%.

“We have just established an e-payment partnership with Digi as we continue to step up to our digital offerings in line with our efforts to drive digital transformation. This strategic tie-up allows our card merchants to accept Digi’s vcash QR code as an additional payment service,” Ambank group CEO Datu Sulaiman said in a statement.

Also Read

Cambodia enables QR payments from foreign e-wallets through Alipay+

Hong Kong to rename ‘virtual banks’ to ‘digital banks’

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit