KUALA LUMPUR: AMMB Holdings Bhd’s net profit decreased 46 per cent to RM280.02 million in the fourth quarter ended March 2016 from RM519.22 million mainly due to cautious business sentiment and changes in consumer spending patterns.
It registered a net profit of RM1.3 billion for the full year ended March 2016, down 32.1 per cent.
In a statement, the company said its cost-to-income ratio (CTI) was at 58.8 per cent on slower top line growth despite tight rein on expenditure.
It said its robust mortgage loans growth of 12.7 per cent and higher loans extended to small and medium enterprise (SME) sector, albeit overall loans growth remained muted from rebalancing initiatives.
“Current account and savings account (CASA) balance sustained with CASA composition improved marginally to 20.7 per cent whilst customer deposits declined 1.8 percent to RM90.4 billion,” it said.
Chief executive officer Datuk Sulaiman Mohd Tahir said the result sums up the tough operating landscape over the last one year, both internally and externally.