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Results Note – AMMB (ADD, maintain) - Positioned to withstand competition




Affin Hwang Investment Bank Bhd


19 Feb 2013





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Positioned to withstand competition 9MFY03/13 net profit below AFFIN’s estimate Annualized 9MFY03/13 net profit of RM1,238.8m (+9.1% yoy) was within consensus estimate but came in 8.3% below Affin’s FY03/13 net profit estimate of RM1,802.8m. This is largely due to our lower forecast for impaired loan allowances and operating expenses (given the additional integration cost of recent mergers). Overall, the better operating performance in 9MFY03/13 was attributable to a sharply lower allowance for impairment charges amounting to 16bps compared to 51bps for FY03/12. 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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