KUALA LUMPUR (Nov 29): AMMB Holdings Bhd's (AmBank) net profit for the second quarter ended Sept 30, 2019 fell 8.2% to RM319.57 million from RM348.15 million a year earlier, due to lower net income and higher other operating expenses.

In a filing today, AmBank said revenue for the quarter came in at RM2.35 billion against RM2.31 billion previously.

Earnings per share for the quarter was 10.62 sen versus 11.57 sen earlier.

AmBank declared an interim dividend of 6 sen per share, to be paid on Dec 27.

For the cumulative six months ended Sept 30, AmBank's net profit rose to RM711.03 million from RM695.75 million in the year-ago period. Revenue was higher at RM4.74 billion compared to RM4.49 billion a year earlier.

In a separate statement, Ambank group chief executive officer Datuk Sulaiman Mohd Tahir said the group continued to demonstrate good progress with improving trends in its income momentum, operating leverage as well as profitability.

Commenting on AmBank's cumulative six month earnings, Sulaiman said it was able to achieve a good profit before provision growth of 7.6%.

"Despite the progressively challenging operating environment compounded by the normalisation of credit costs, the group recorded a 2.2% increment in net profit year-on-year," he said.

On AmBank's prospects, Sulaiman said through its BET300 programme, the group continues to embed cost discipline across all lines of business to improve its efficiency.

"Moreover, notable progress has been made across targeted segments and products as part of our Top 4 Strategy to place the group in a stronger and more sustainable growth path.

"Amidst the softer outlook for the banking sector this year, the group is resolute in its strategic focus to deliver on revenue growth, cost efficiency and capital accretion," he said.

At the midday break, AmBank shares shed 0.98% or 4 sen to RM4.06, valuing it at RM12.24 billion.