KUALA LUMPUR (Feb 23): AMMB Holdings Bhd’s (AmBank) net profit jumped 12% to RM452.6 million for the third quarter ended Dec 31, 2022 (3QFY2023), from RM403.3 million a year earlier, on the back of higher interest income.

Earnings per share increased to 13.67 sen, from 12.18 sen for 3QFY2022.

Revenue rose 4% to RM1.23 billion from RM1.18 billion, due to higher interest income of RM1.33 billion from RM1.01 billion for 3QFY2022, according to the group in a bourse filing on Thursday (Feb 23).

AmBank did not declare any dividend for the latest quarter.

For the cumulative nine months ended Dec 31, 2022 (9MFY2023), the group made a net profit of RM1.30 billion, which was 19% higher than RM1.11 billion for 9MFY2022, against a mild revenue increase of 0.85% to RM3.58 billion from RM3.54 billion.

In terms of expenses, AmBank said it increased slightly year-on-year (y-o-y) to RM1.54 million in 9MFY2023, with the cost-to-income (CTI) ratio largely unchanged at 43.2%, from 43.4% in 9MFY2022.

The CTI for continuing operations was unchanged y-o-y at 41.6%, it added.

Profit before provisions (PBP) also increased by 1.4% y-o-y to RM2.03 billion. For its continuing operations, PBP grew 10.4%, driven by strong growth in income.

As for the annualised return on equity, it improved to 10.1%, from 9.2% for 9MFY2022.

Year to date, gross loans and financing increased by 5.3% to RM126.3 billion, from RM120.0 billion a year earlier, it added.

“Amid macroeconomic headwinds, I am pleased to report that the group has delivered resilient results with sustained growth in profit and income,” said AmBank group chief executive officer Datuk Sulaiman Mohd Tahir in a separate statement.

“Key divisions performed well, underpinned by solid loan growth and NIM (net interest margin) expansion,” he added.

“Staying true to our commitment to continue delivering value to all stakeholders, we will continue to be nimble, and strive to further strengthen our service quality and delivery for all our customers, while standing ready to capitalise on growth opportunities in 2023.”

AmBank's share price slipped one sen or 0.26% to RM3.83. Its market capitalisation stood at RM12.69 billion.