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Results Note – AMMB Holdings (ADD, maintain) - 1HFY03/13: Lower credit cost boost




Affin Hwang Investment Bank Bhd


08 Nov 2012





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Slightly below AFFIN’s estimate Annualized 1HFY03/13 net profit of RM845.2m (+7.1% yoy) was within consensus estimate but came in 6.2% below Affin’s FY03/13 net profit estimate of RM1,802.8m. This is largely due to our higher estimate for non-interest income. The growth in 1HFY03/13 was largely attributable to sharply lower allowance of impairment charges amounting to 7bps compared to 51bps for FY03/12. A 7 sen single-tier dividend has been proposed in 2QFY03/12 (vs. 6.6 sen in 2QFY13). Going forward, AMMB maintained a FY03/13 guidance of a 10- 15bps contraction in NIMs while loans growth are expected to be around 8.0- 10.0% yoy, underpinned by expansion in household debt and a gradual expansion in business loans under the roll-out of the ETP.

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