Share Price: RM5.32 | Target Price: RM5.20 | Rating: Hold
Alliance reported a 3Q FY25 net profit of RM186.7 with 9MFY25 results at RM553.2m (+7.9% yoy). Expansion in operating income was underpinned by fund-based income (+13.9% yoy) and non-interest income expansion (+10.9% yoy), which was largely driven by wealth management fees, FX sales & trade (+16.2% yoy) and higher treasury and investment income. Alliance’s CIR ratio remained steady at 46.8% for 9MFY25. 9MFY25 net credit charge has remained elevated at an annualized 40bps as compared to management’s FY25 target of between 30-35bps and was also higher than the assumption of 33bps.
ABMB Results Update for Q3 Ending 31/12/24
Research House: Affin Hwang Investment Bank (AHIB)
Analyst: Tan Ei Leen
FY2025 Forecast: Net Profit: RM740.8m | EPS: RM0.479 | DPS: RM0.24