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Group Financial Review GROUP FINANCIAL REVIEW Other Operating income: RM1,218.8 million (+6% or FEE INCOME RM68.8 million) FY2008 Other operating income which comprise mainly income 10.7% from investment banking and trading activities as well 24.4% as ancillary activities connected to the Group’s lending activities, continue to contribute to the Group’s revenue. 5.2% Expansion of selected other operating income activities is an on-going strategy to diversify the Group’s revenue streams. The Group has consistently achieved its target of operating income to total income ratio of at least 30% 6.6% 30.5% (FY2008 36.2%). 3.7% 2.5% 4.1% For FY2008: 11.7% 0.6% 0.1% • Fee income increased by RM118.1 million (+28.4%) contributed mainly by corporate advisory activities, FY2007 funds management activities and brokerage income 10.9% from the securities business. 30.7% • Income from the Group’s insurance business accounted 6.3% for 33.6% of other operating income and registered an increase of RM36.3 million (+9.7%) due to improved productivity from the agency network, innovative products and the continuous bundling of insurance 24.7% with retail banking products 5.0% 0.6% 6.7% • Investment and trading income decreased by RM68.6 3.5% million (-21.8%) mainly due to loss on revaluation 0.3% 2.3% of securities held for trading caused mainly by poor 9.1% market sentiments post election in March 2008 Loans And Portfolio Brokerage And Advances Management Commissions Corporate Advisory Unit Trust Bancassurance Guarantee Management Commission Underwriting Brokerage Rebates Others Commissions Real Estate Investment Trust Management OPERATING EXPENSES FY2008 FY2007 RM Million % RM Million % Personnel/staff 695.3 44.8% 577.1 42.5% Establishment 242.3 15.6% 231.0 17.0% Marketing and communication 172.8 11.1% 142.8 10.5% Administration and general 126.2 8.1% 117.4 8.7% Overheads 1,236.7 79.7% 1,068.2 78.7% General insurance claims 315.6 20.3% 288.7 21.3% Total 1,552.3 100.0% 1,356.8 100.0% AMMB Holdings Berhad l Annual Report 2008 l 96 l Operating expenses – Controlling Operating Debt Provisioning Charge expenses Net debt provisioning charge declined by RM1,007.3 million To stay competitive, the Group prudently manages its costs (-66.3%) to RM512.2 million. to ensure we operate efficiently. The non-interest expenses ratio expresses the Group’s expenses as a percentage of The Group embarked on a stringent provisioning policy on revenue and is one of the most widely used measures of non-performing loan (NPL), to boost loan loss coverage, efficiency in the banking industry. which saw a significant one-off charge to the Income Statement in FY2007. Arising from this new policy coupled In FY2008, the operating expenses to net income ratio with lower net NPL, the net specific allowance charge for increased marginally by 1.3% to 46.1%. FY2008 declined by RM970.8 million. Improvement in bad debts recovered, arising from intensified effort in collection Overheads: RM1,236.7 million (+15.8% or RM168.5 of bad debts, also contributed to the overall decrease in net million) debt provisioning charge. • Personnel expenses increased by RM118.2 million as Impairment loss a result of back-dated salary costs (accruing since FY2006), annual salary increment and bonuses. Most Impairment loss on securities declined by RM171.8 million banks in Malaysia were also affected by the back-dated (-60.5%) to RM111.9 million mainly due to the setting aside salary cost adjustment for union employees. of provision for debt equity converted instruments arising from more stringent basis of provisioning in FY2007. • Establishment expenses increased by RM11.3 million mainly due to full year rental payable by its commercial ASSETS MIX ANALYSIS bank subsidiary with the disposal of office building by the said subsidiary in December 2006 to AmFirst REIT. FY2008 14.9% • Marketing expenses increased by RM30.1 million 10.3% mainly due to higher advertising and promotional expenses incurred. • Administration expenses increased by RM8.9 million 11.7% mainly due to costs incurred for the capital raising exercise in respect of Medium Term Note programme by its commercial bank subsidiary. 63.1% Cash And Deposits Loans, Advances And Financing Securities Others DEBT PROVISIONING CHARGE FY2008 FY2007 FY2008 RM Million vs FY2007 Specific allowance - net 765.1 1,735.9 (970.8) Recoveries of value impairment on loans sold to Danaharta (0.6) (17.3) 16.7 Bad debts recovered - net (319.4) (254.7) (64.7) 445.1 1,463.9 (1,018.8) General allowance 67.1 55.6 11.5 Total 512.2 1,519.5 (1,007.3) l 97 l AMMB Holdings Berhad l Annual Report 2008 GROUP FINANCIAL REVIEW Balance Sheet Management Securities As at 31 March 2008, the Group’s total assets increased • Securities held for trading decreased by 3.2% due to by RM4.2 billion (+ 5.3%) to RM83.2 billion vis-à-vis the lower holding in Malaysian Government securities. strong growth momentum (GDP expansion of 6%) in the Malaysian economy in 2007. • Securities held for investment and available for sale decreased by 27.3% due to lower holding in debt Loans and Advances equity converted securities arising from disposals and redemption. • The Group’s net lending growth for FY2008 was 10.2% (RM4.8 billion), up 4.1% from FY2007. The expansion Deposits in loans was attributed to strong loans demand, particularly by the retail and SME sectors. Public • The Group’s primary source of funding is from customer spending including projects on the 9th Malaysian Plan deposits, comprising term/investment deposits, and for the new economic corridors will reinforce the savings deposits, demand deposit and negotiable growth in financing. instruments of deposits. Other major sources of funds include shareholders’ funds, interest bearing securities, • The Group continued its focus on the financing of interbank and other borrowings. transport vehicles, residential properties and small and medium sized industries. Lending for purchase of • Deposits from customers increased by RM5.4 billion transport vehicles (42.4%) and residential properties (+12.7%) to RM 47.8 billion as at 31 March 2008, with (19.4%) contribute 61.8% of total financing. Although retail deposits accounting for 49.5% of total customer financing for these two purposes represent the largest deposits. Deposits mobilized from business enterprises credit concentration, the credit risk is effectively registered 24.2% growth to RM15.6 billion. mitigated as the exposure is spread across a large number of borrowers. • Term/ Investment deposits continue to be the largest contributor with outstanding balance representing 78.1% of total outstanding deposits from customers as GROSS LOANS – ECONOMIC PURPOSES at 31 March 2008 FY2008 • Transactional low cost customer deposits comprising 0.5% savings and demand deposits increased by RM 931 1.6% million to RM6.3 billion as at the end of March 2008. 2.7% 3.1% 2.9% 3.2% DEPOSITS FROM CUSTOMERS - TYPE 3.7% 42.4% FY2008 8.8% 6.1% 16.4% 78.1% 7.0% 4.1% 19.4% Transport Vehicles Personal Use Construction Residential Property Fixed Assets Merger and Acquisition Non-Residential Credit Cards Property Other Purpose Purchase of Working Capital Securities Term / Current Investment Negotiable Instruments Savings Of Deposits And Others AMMB Holdings Berhad l Annual Report 2008 l 98 l DEPOSITS FROM CUSTOMERS - SOURCE The Group’s loan assets quality have improved tremendously as indicated by: FY2008 • Net non performing loans (NPL) ratio being reduced to 4.3% 3.7% from 6.2% in FY2007. 49.5% 13.6% • Total gross NPLs outstanding which declined to RM 3.6 billion from RM 5.5 billion in FY2007. The reduction of NPLs through restructuring, rehabilitation, rescheduling and foreclosure remains a top priority of both the Group Loan Rehabilitation and Retail Collections Units. 32.6% • Higher recoveries due to intensified loan recovery efforts through debt collection agencies. Individuals Government • Loan loss coverage increased to 67.3% from 56.6%. Business Enterprises Others During the year, the Group completed the sale of NPL portfolio (corporate and retail) following the receipt of the sale proceeds totaling RM328.5 million from ABS Enterprise One Berhad, Neptune ABS One Berhad and Neptune ABS Asset Quality Improvement Two Berhad. Concurrent with our commitment to revenue growth, we are also focused on the reduction and management of TOTAL ASSETS BY SEGMENTS risks that confront the Group’s business. This is to ensure FY2008 that the Group will, over time, be able to deliver satisfactory 13.8% risk-adjusted returns to its shareholders. 15.7% An indicator that our risk management policies and practices have taken effect is the improvement of the Group’s loan asset quality. 2.7% 11.3% NPLS – 3 MONTHS CLASSIFICATION 56.5% 60 24 55.2 51.1 50 47.8 20 17.9% FY2007 41.7 10.4% 40 16 39.1 21.2% 30 13.8% 12 % RM Billion 2.3% 20 9.6% 8 6.2% 3.7% 10.8% 10 7.0 4 5.8 4.6 3.2 2.0 0 0 2004 2005 2006 2007 2008 55.3% Net NPLs Net Loans Net NPLs/ Net Loans Investment Banking Islamic Banking ratio Commercial And Insurance Retail Banking Offshore Banking And Others l 99 l AMMB Holdings Berhad l Annual Report 2008 GROUP FINANCIAL REVIEW Building A Balanced Business Portfolio Mix Strengthening Capital position In line with our stated objective to achieve a sustainable Our capital levels remain strong, with overall Group’s and profitable business growth by building a balanced risk weighted capital ratio as at 31 March 2008 at 13.5% strategic business portfolio mix of investment banking, with Tier-1 capital ratio of 8.2%, significantly above the retail and commercial lending and insurance business: minimum risk weighted capital ratio requirement of 8%.
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