Malaysia's AMMB first-half net profit up 47 percent on broad improvements |
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Wed, 14 Nov 2007 11:53
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KUALA LUMPUR (Thomson Financial) - Malaysia's AMMB Holdings, which controls the country's fourth largest bank AmBank, said Wednesday its first-half net profit jumped 47 percent to 253 million ringgit following improvements in its commercial and retail banking, investment banking and insurance businesses.Sales stood at 3.12 billion ringgit against 2.63 billion.'The group's higher revenue came mainly from net interest income, Islamic banking business, fee-based income, investment and trading income and premium income from the insurance business,'' the company said in notes accompanying the results.For the second quarter to September, net profit was 72 million ringgit compared to 53 million.Sales were recorded at 1.5 billion ringgit from 1.3 billion ringgit,AMMB said it expects to sustain its strong performance going forward.'For the current year, capital market activities are expected to be robust. The active promotion of Islamic financing by the Malaysian government and growing demand for Shariah-compliant securities from local and international investors provide an impetus for more capital market issues,'' it said.Shariah-compliant securities are stocks of companies operating businesses permitted by Islamic laws.AMMB said it will continue to pursue its strategy of expanding its business operations regionally while maintaining its leadership position in the industry.(1 US dollar = 3.34 ringgit)johnkb.tan@thomson.comjt/jgCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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