QUARTERLY RESULTS
| Quarter Ending | Jun-24 | Sep-24 | Dec-24 | Mar-25 | Jun-25 | Sep-25 | Dec-25 |
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | |
| Interest Income | 1,529,331 | 1,531,739 | 1,565,812 | 1,522,387 | 1,529,612 | 1,504,344 | 1,516,029 |
| Interest Expense | (957,919) | (933,067) | (962,076) | (938,175) | (920,079) | (897,834) | (897,488) |
| Net Interest | 571,412 | 598,672 | 603,736 | 584,212 | 609,533 | 606,510 | 618,541 |
| Islamic Banking Income | 303,785 | 348,136 | 258,748 | 360,355 | 357,811 | 362,705 | 360,692 |
| Other Operating Income | 271,013 | 264,830 | 358,277 | 297,908 | 292,733 | 292,057 | 270,316 |
| Other Operating Expenses | (520,633) | (529,935) | (570,817) | (576,413) | (563,922) | (567,837) | (581,009) |
| Prov for Loan Losses | (12,254) | (95,915) | (37,864) | (48,813) | (87,073) | (208,731) | (14,799) |
| Writebacks & Recoveries | 0 | 50,966 | 0 | 0 | 14,630 | 185,007 | 1,848 |
| Associates | 32,331 | 16,779 | 19,833 | 38,903 | 30,665 | 30,570 | 30,047 |
| Profit Before Tax | 645,654 | 653,533 | 631,913 | 656,152 | 654,377 | 700,281 | 685,636 |
| Tax Expense | (145,524) | (152,861) | (145,456) | (142,045) | (138,320) | (165,740) | (156,001) |
| Profit After Tax | 500,130 | 500,672 | 486,457 | 514,107 | 516,057 | 534,541 | 529,635 |
| Non-controlling Interests | 67 | (99) | 32 | (181) | 119 | 43 | (56) |
| Net Profit After Tax | 500,197 | 500,573 | 486,489 | 513,926 | 516,176 | 534,584 | 529,579 |
| Diluted EPS (sen) | 15.13 | 15.14 | 14.71 | 15.55 | 15.55 | 16.16 | 16.01 |
| Pre-provision PBT | 657,908 | 749,448 | 669,777 | 704,965 | 741,450 | 909,012 | 698,587 |
| Total Income | 1,178,541 | 1,228,417 | 1,240,594 | 1,281,378 | 1,290,742 | 1,291,842 | 1,279,596 |
| Opex / Total Income | 44.2% | 43.1% | 46.0% | 45.0% | 43.7% | 44.0% | 45.4% |
| BALANCE SHEET | |||||||
| Gross Loans | 132,671,695 | 134,490,567 | 137,059,365 | 138,883,354 | 138,180,541 | 140,521,644 | 142,691,506 |
| Impaired Loans | (2,011,542) | (1,940,747) | (1,947,324) | (1,753,286) | (1,837,430) | (1,891,993) | (1,829,435) |
| Net Loans | 130,660,153 | 132,549,820 | 135,112,041 | 137,130,068 | 136,343,111 | 138,629,651 | 140,862,071 |
| Total Assets | 196,179,709 | 196,945,874 | 197,512,495 | 199,043,588 | 196,181,377 | 200,342,996 | 202,203,329 |
| Deposits from Customers | 135,479,418 | 136,313,570 | 138,415,663 | 141,547,041 | 137,987,229 | 140,042,175 | 143,689,459 |
| Deposits from Financial Institutions | 7,902,293 | 8,676,906 | 7,833,262 | 7,579,328 | 6,941,337 | 8,508,075 | 7,727,541 |
| Total Liabilities | 176,165,901 | 176,974,778 | 177,440,945 | 178,421,869 | 175,616,848 | 179,275,659 | 181,045,185 |
| Net Assets | 20,013,808 | 19,971,096 | 20,071,550 | 20,621,719 | 20,564,529 | 21,067,337 | 21,158,144 |
| Share Capital | 6,376,240 | 6,376,240 | 6,376,240 | 6,376,240 | 6,376,240 | 6,376,240 | 6,376,240 |
| Shareholders Equity | 20,012,847 | 19,970,036 | 20,070,822 | 20,620,810 | 20,563,739 | 21,066,590 | 21,158,144 |
ANALYST RATINGS
Below is a summary of analyst ratings and forecasts for AMMB Holdings Bhd as at 26 February 2026:
| Rating | Target Price |
EPS FY2026 (E) |
EPS FY2027 (E) |
DPS FY2026 (E) |
DPS FY2027 (E) |
Remarks | |
| Hong Leong Investment Bank | Buy | 7.70 | 0.63 | 0.66 | 0.30 | 0.32 | |
| Maybank Investment Bank | Buy | 7.40 | 0.65 | 0.67 | 0.32 | 0.34 | |
| RHB Investment Bank | Neutral | 7.00 | 0.62 | 0.63 | 0.34 | 0.36 | RHBIB upgraded from Neutral to Buy on 20/4/26 and increased its FY2027 DPS forecast to 37 sen. |
| Average | 7.37 | 0.63 | 0.65 | 0.32 | 0.34 | ||
| *(E) = Estimate/Forecast | |||||||
Below is a summary of analyst ratings and forecasts for AMMB Holdings Bhd as at 27 November 2025:
| Rating | Target Price |
EPS FY2026 (E) |
EPS FY2027 (E) |
DPS FY2026 (E) |
DPS FY2027 (E) |
Remarks | |
| Affin Hwang Investment Bank | Buy | 6.60 | 0.63 | 0.659 | 0.30 | 0.31 | |
| Maybank Investment Bank | Buy | 6.45 | 0.62 | 0.65 | 0.31 | 0.33 | |
| RHB Investment Bank | Neutral | 6.20 | 0.62 | 0.63 | 0.34 | 0.36 | |
| Public Investment Bank | Neutral | 5.70 | 0.607 | 0.642 | 0.325 | 0.345 | |
| Hong Leong Investment Bank | Buy | 6.20 | 0.60 | 0.637 | 0.30 | 0.318 | |
| Average | 6.23 | 0.62 | 0.64 | 0.32 | 0.33 | ||
| *(E) = Estimate/Forecast | |||||||
COMMENTARY
AMMB Holdings (Ambank) Results Update FY2026Q3 (DECEMBER 2025)
Results Announcement Date: 25 February 2025 (Closing Share Price: RM6.54)
Net Profit was up 8.9% against pcp on the back of lower impairments and slightly higher Net Interest Income. Overall expenses grew 5.6% YoY to RM1,712.8 million due to higher personnel costs. Net Loans were up 4.3% from 31/12/25.
For the 9 month period from 1/4/25 to 31/12/25, Customer deposits grew 1.5% to RM143.7 billion, mainly driven by Time deposits. At the same time, CASA Deposits decreased 5.5% RM48.2 billion. As at 31/12/26, these deposits comprised make up 33.6% of AMMB’s loan book. Net impairment charges amounted to RM109.1 million compared to RM95.1 mil for 9MFY25, mainly due to higher provisions in Business Banking (with an overlay provision of RM99.3 million taken in the SME portfolio). This was partially offset by higher writeback of provision in Wholesale Banking and higher recoveries of RM50.7 million mainly from a retail debt sale.
Management targets were broadly maintained:
- Management increased credit cost guidance from 20-30bps previously to 21-25bps.
- Loan growth in line with GDP growth.
Stable Net Interest Margin. - ROE target of around 10%.
Based on this, expected FY2026 Net Profit works out to be around RM2.1 to 2.2 billion or EPS of around 64 sen per share which means Q4FY26 Net Profit is expected to be around RM550 mil. AMMB remains committed to double its DPS by FY29.
CIR was 45.4% for 9MFY25, still well short of Ambank’s 40% target under its WT29 (Winning Together) Strategy, while ROE is still below its 11-12% target.
AMMB Holdings (Ambank) Results Update FY2026Q2 (SEPTEMBER 2025)
Results Announcement Date: 26 November 2025 (Closing Share Price: RM5.88)
Ambank’s Net Profit was up 6.8% from pcp. Net interest income was up slightly (+1.3%), while higher-than-expected investment gains and a write-back of impairment provision on a corporate bond helped to drive earnings higher, albeit offset in large part by additional management overlays of around RM99 million on its Retail SME loan portfolio. Key highlights:
- Cost-Income Ratio (CIR) of 43.8%.
- Before the impact of Loan Loss Provision and Writebacks, PBT grew to RM1.45 billion for 2026H1 compared to RM1.36 billion in 2025H1, an increase of 7%.
- Net impairment charges were higher at RM96.2 million, mainly due to higher overlay provision taken in the SME portfolio, partially offset by higher reversals of provisions in Wholesale Banking and higher recoveries.
- Annualised Return on Equity (ROE) at 10.1%.
- Net Loans was up 1.0% from 31 March 2025 financial year end.
- Customer deposits was slightly down from 31 March 2025 but up 2.7% from 30/9/24.
- Gross Impaired Loans ratio (GIL) deteriorated to 1.75% from 1.17% in FY2026Q1 due to higher GIL in Business Banking under the property and manufacturing sectors.
- Outstanding management overlays of RM497 million (Source: Public Investment Bank)
CIR is still well short of Ambank’s 40% target under its WT29 (Winning Together) Strategy, while ROE is still below its 11-12% target.