AmBank achieves many Top 4 growth objectives


  • Business
  • Thursday, 01 Aug 2019

From left: Jamie Ling, Group CFO, Dato’ Sulaiman Mohd Tahir CEO, and Chelsea Cheng Head, Investor Relation at Ambank Media Conference post AGM --Art Chen/The Star

KUALA LUMPUR: With AMMB Holdings Bhd (AmBank Group) set to complete its “Top 4 strategy” in eight months’ time, many of its aspirations under the four-year plan have been achieved, according to group CEO Datuk Sulaiman Mohd Tahir.

Speaking to reporters after the company’s AGM yesterday, Sulaiman said AmBank is currently ranked among the top-three banks in Malaysia in terms of growth rate “in most instances”.

“From the perspective of driving the bank towards the direction that we want to grow, we clearly have achieved that.

“In terms of earnings, we have the number one growth compared to the industry. If you look at our profit before tax growth, we are number one.

“In many of the financial metrics along the lines of segments and products, we are either number one, two or three, but mostly it’s number two or one, ” he said.

Formulated in June 2016, the Top 4 strategy will come to an end by financial year 2020 (FY20) ending March 31.

Under the transformation plan, AmBank aspires to be among the top-four banks in each of its four growth segments (affluent, mass affluent, mid corporate and SME) and four focus products (cards, markets, transaction banking and wealth).

AmBank, which is the country’s sixth-largest bank by asset size, also aims to sustain among the top four in each of its current engines, namely, asset management, corporate loans and debt capital market. The banking group also aspires to be among Malaysia’s top employers by end-FY20.

Moving forward, Sulaiman said AmBank aims to increase its exposure further in the small and medium enterprise (SME) segment.

Within the next three years, the banking group plans to disburse total loans of RM20bil to SMEs.

“We hope to achieve a net interest margin of 2.5% from our loans to SMEs, ” he said.

When asked to comment on the cautious view of analysts on the Malaysian banking sector, AmBank Group chief financial officer Jamie Ling told reporters that he agreed with the sentiment, given the market challenges.

“I think a cautious view is certainly the right one for the overall sector. But for us, it has been a positive start (this year), ” said Ling.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

Across the site