Share Price: RM5.32 | Target Price: RM4.90 | Rating: Neutral
Net interest income rose 11.7% YoY to RM1.0.8bn, on continued strong loans growth of 14.2% YoY, outpacing management’s FY25 loans growth target of 8-10%. ABMB’s loans growth was driven by all key segments, especially in the SME (+14.1% YoY) and Consumer Banking (13.8% YoY). ABMB continued to see strong growth momentum from selected economic corridors in Sarawak, Penang and Johor (eg: semi-conductor manufacturing and power industry). Meanwhile, non-interest income grew 4.4% YoY, underpinned by higher wealth management, FX sales and treasury income, which helped to offset a lower banking services fee income.
ABMB Results Update for Q3 Ending 31/12/24
Research House: Public Bank Investment Bank (PIB)
Analyst: Wong Ling Ling
FY2025 Forecast: Net Profit: RM725.8m | EPS: RM0.469 | DPS: RM0.225