AMMB posts higher underlying net profit of RM416.7m in 1Q

AmBank Group chief executive officer Datuk Sulaiman Mohd Tahir said he was satisfied with the group’s performance with underlying net profit growing 6.5% year-on-year despite the Covid-19 pandemic and the resulting Movement Control Order (MCO).

KUALA LUMPUR: AMMB Holdings posted underlying net profit of RM416.7mil, up by 6.5%, in the first quarter ended June 30,2020 after adjusting for net modification loss and pre-emptive macro provision.

It said on Wednesday total income increased by 2.6% to RM1.09bil, underpinned by higher trading and investment income, partially offset by margin compression and net modification loss of RM57.5mil. “Excluding the net modification loss, underlying income increased 8.0%, ” it said.