Maybank Research said during the first quarter ended June 30, 2019, AmBank group recovered about RM130mil on one of two lumpy corporate non performing loans, leading to a net recovery in 1QFY20.
KUALA LUMPUR: Maybank Investment Bank Research has upgraded AmBank to buy with a higher target price of RM4.75 after its stronger operating growth in the first quarter ended June 30, 2019 (Q1FY20).
It said on Friday AmBank's core net profit of RM392mil (+20% YoY, +57% QoQ) were above its/consensus expectations at 27%/28% of full-year forecasts respectively, largely on account of ongoing credit recoveries during the period.
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