AMMB’s FY24 net profit to be lifted by tax deduction

CEO Ling’s strategic focus areas are growing the small and medium enterprises and wealth management businesses, said CGS-CIMB Research.

PETALING JAYA: AMMB Holdings Bhd says it will recognise a total of RM537.6mil in tax deductions in the third quarter of its financial year ended March 31, 2024 (3Q24), but this could be partly offset by provisions from its kitchen-sinking exercise.

Highlighting key takeaways from the session with AMMB during CGS-CIMB Research’s 2024 Malaysia Corporate Day recently, the research firm said AMMB did not disclose the amount of provisions allocated for kitchen-sinking but said it is much smaller than that of the tax deduction, likely positively affecting FY24 net profit.