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AmBank unveils growth strategies

admin 2023年01月20日 社会 8 0

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PETALING JAYA: Amid the tough business and economic environment, AMMB Holdings Bhd (AmBank) is putting in motion strategies that will help the sixth largest banking group in the country to sustain its earnings for the financial year 2024 (FY24).

Group chief executive officer Datuk Sulaiman Mohd Tahir said AmBank is currently at the tail end of its financial year ending March 31, 2023 and its strategies for FY24 and beyond would focus on the small and medium enterprise (SME) segment, environmental, social and governance (ESG) initiatives and digitalisation.

On the SME front, he said the group would focus on tapping into foreign direct investment (FDI) opportunities to capitalise on the potential influx of foreign investments, which is expected to grow further.

“We are looking at investing resources in this space, given our strategy to widen our footprint by capturing overseas investors, and we do this by tailoring solutions to meet their needs to grow in our domestic market.

“Through our strategic partnerships with travel operators, we look to capitalise on the rebound currently taking place within the global tourism industry.

“The group will continue to aid SMEs in their digitalisation as well as scale up, and we will do this through our Road to Capital Market initiative,” he told StarBiz.

Sulaiman said the banking group is also looking at strengthening its footprint in targeted areas that have high SME concentration, including in the Klang Valley as well as southern and northern regions.

The compounded annual growth rate of SME deposits and SME loans have been at 7.8% and 12.2%, respectively, in the last few years. The group currently has an SME customer base of about 100,000.

For its second quarter ended Sept 30, 2022 (2Q22), AMMB’s net profit rose 35.6% year-on-year (y-o-y) to RM435.4mil while quarterly revenue was at RM1.18bil compared with RM1.12bil in the same quarter a year ago.

Basic earnings per share for the quarter was at 13.15 sen versus 9.69 sen previously.

The group declared an interim dividend of six sen per share, or a dividend payout ratio of 23%.

On the issue of ESG, he said the group is fully focused on entrenching ESG considerations into its strategies, businesses and operations.

For FY24, AmBank would further sharpen initiatives within the environmental pillar via the provision of innovative and sustainable banking products and services.

These include green home financing, green deposit, transition finance as well as financing renewable energy businesses, electric vehicles, sustainable infrastructures and sustainable agribusinesses.

By tapping into digital transformation enablers, Sulaiman said the group is looking to accelerate its digital agenda in FY24.

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