Share Price: RM5.73 | Target Price: RM5.70 | Rating: Neutral
AMMB Holdings reported a FY25 Q3 net profit of RM486.5m dragged by lower non-interest income and higher operating expenses. 9 Month net profit increased by 6.9% YoY to RM1.49bn, driven by NIM expansion and lower impairment charges. Results were above estimates and were mainly due to lower credit cost. Public Investment Bank maintained its Neutral call while raising its FY25-27 forecast earnings by an average of 7% on a lower credit cost assumption. It increased its dividend-based TP to RM5.70.
AMBANK Results Update for Q4 Ending 31/3/24
Research House: Public Investment Bank (PIB)
Analyst: Wong Ling Ling
FY2025 Forecast: Net Profit: RM1,939m | EPS: RM0.585 | DPS: RM0.293