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Banks in Malaysia are in for a challenging year. In its recent 2003 market Outlook Strategy report, RHB Research Institute maintains a neutral weighting on the sector and has forecast an anaemic 9 per cent growth in net banking profits for financial year 2003. The research house gives its outlook on the sector.
Malaysia's fifth largest lender, AMMB Holdings Bhd, has been garnering a fair bit of interest with the rights issue of its new warrants (AMMB-W 2003/2008). The latest development has been the renounceable rights for the 125.2 million warrants priced at 12.37 sen (on the basis of 1 new warrant for every 8 existing ordinary shares .
THE AMMB stock referred to today is a totally different entity from the Arab-Malaysian Merchant Bank Bhd listed in 1990.
Kathy Fong writes on Resorts World, KLSE Plantation Index, AMMB Holdings, Telekom and Unisem.
THE latest financial results reported by banks reveal the fact that earnings are mainly driven by lower provisions for non-performing loans and growth is rather difficult to achieve amid the continued slow loans growth in the country.