KUALA LUMPUR: AMMB Holdings Bhd
(AmBank) CEO Jamie Ling said the group has taken additional prudent overlays to improve its loan loss coverage (LLC) levels, particularly when the various pandemic-related loan repayment schemes end.
"As we are in the final year of our FOCUS 8 strategy, delivering a return on equity of 10% and the continued strengthening of the group’s capital ratio positions us well into the future,” said Ling, who took the helm as the group CEO on Nov 23, 2023.
In conjunction with the release of the group's latest quarterly results, he said it is on track to reverting to its historical dividend payout trend after taking steps to increase the group's LLC to 100% for the individual retail segment as a prudent buffer and the further strengthening of capital ratios.
AmBank's performance in 3QFY24 was boosted by a one-off tax credit of RM537.6mil. Overall, the one-off items for the quarter resulted in a RM135.1mil net benefit to profit after tax and minority interest.
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