AMMB Holdings Berhad AmBank Group Results · 2018-04-18 · AMMB Holdings Berhad AmBank Group...
Transcript of AMMB Holdings Berhad AmBank Group Results · 2018-04-18 · AMMB Holdings Berhad AmBank Group...
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AMMB Holdings Berhad
AmBankGroup Results Investors Presentation
Q1FY2011 Results Update
17 August 2010
Cheah Tek KuangGroup Managing Director
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AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 1(Conventional + Islamic)
Contents
Q1FY2011 Group Financial Performance
Strategy & Outlook
Segment Performance
Appendix
Executive Summary
Based on unaudited 30 June 2010 (Q1 FY2011) financial results
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AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 2(Conventional + Islamic)
Good start to FY2011P
erf
orm
an
ce
Profit after Tax & MI
ROE
Ris
k,
Ca
pita
l &
F
und
ing
Pro
file
RWCA
Tier 1
Gross Impaired Loans
Gro
wth
Net Lending / Financing
Customer Deposits 1
CASA
LD Ratio 1
EPS(basic, annualised)
88.6%
9.4%
14.7%
N/A
7,437 mil
65,414 mil
57,982 mil
37.9 sen
13.1%
258.2 mil
Q1FY10
91.6%
10.0%
16.7%
3.6%
8,424 mil
71,056 mil
65,083 mil
49.0 sen
15.3%
368.3 mil
Q1FY11
3.0%
0.6%
2.0%
N/A
13.3%
8.6%
12.2%
29.1%
2.2%
42.6%
Change
Underlying PATMI growth : 44.4%
ROA 1.18% 1.58% 0.40%
Note 1 : Includes Senior Notes RM2.74 bil & credit-linked notes RM0.13bil issued
FY09 FY10
88.8%
9.7%
15.2%
N/A
6,755 mil
64,132 mil
56,948 mil
31.6 sen
11.7%
860.8 mil
91.7%
10.3%
15.8%
3.8%
8,372 mil
70,294 mil
64,426 mil
34.7 sen
11.5%
1,008.6 mil
1.04% 1.13%
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AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 3(Conventional + Islamic)
Staying focused on profitable growth, diversification and sustainability
Staying Ahead
Strong Q1 results Higher revenues and lower allowances
Good loans & CASA growth
FRS139 adopted under BNM transition arrangements (Q1FY2011)
Well diversified Divisional
contributions
Sound contributions from Retail, Business and Corporate & Institutional Banking Divisions
Diversified portfolios yielding higher profits in Life Assurance, General Insurance and Markets & Treasury
Good Investment Banking pipeline
Improved risk and financial disciplines
Proactive risk managementBalance sheet positioned for rising interest ratesImplemented new FTP and FRS disciplinesEnhancing ALM disciplines and preparing for Basel III
FY 2011 Priorities
FY2011 :Profitable growth, diversification & rebalancingFaster non-interest income & CASA growth
Customer satisfactionSound financial performancesWell diversified and sustainable growth
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AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 4(Conventional + Islamic)
Note 1 : In-house economic research
Malaysia :Stable Outlook
Industry :What is Ahead
AHB :Leveraging Tailwinds
Progressive medium term global economic recovery but with significant volatility
Malaysian economic recovery (GDP 2010 : 8.0% projected1)
Supportive monetary policies, continuous trade surplus
Positive regional recoveries, New Economic Model and 10th
Malaysia Plan to mitigate global risk
Higher lending & RWA growth
New licenceswill put pressures on pricing and resources
OPR increased 25 bps each in Mar, May & Jul 2010; currently at 2.75%, further 25-50 bps expected in next 12 months
Latest Basel III pronouncements indicate higher core capital and stable funding requirements, but with longer transition period
Leverage strategic themes and improving domestic economy
Better positioned for rising interest rates but Basel III could slow down achievement of ROE targets
segments
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AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 5(Conventional + Islamic)
AMMB Holdings Berhad
AmBank Group Results
Investors Presentation
Q1FY2011 Results Update
17 August 2010
Ashok RamamurthyDeputy Group Managing Director &
Group Chief Financial Officer
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AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 6(Conventional + Islamic)
Contents
Executive Summary
Strategy & Outlook
Segment Performance
Appendix
Q1FY2011 Group Financial Performance
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AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 7(Conventional + Islamic)
2.8%
3.8%3.6%
0.4%0.2%
0.4%
Gross NPL %31 Mar 10 (GP3)
Restructured performing loans unlikely to be repaid
in full
Interest on impaired loans no longer suspended
Impairment recognition at customer level vs account
level for Corporates
Gross Impaired Loans %1 Apr 10 (FRS139)
Gross Impaired Loans %30 Jun 10
Gross Impaired Loans %
1,866
2,539 2,469
300129 244
Gross NPL31 Mar 10 (GP3)
Restructured performing loans unlikely to be repaid
in full
Interest on impaired loans no longer suspended
Impairment recognition at customer level vs account
level for Corporates
Gross Impaired Loans1 Apr 10 (FRS139)
Gross Impaired Loans30 Jun 10
Gross Impaired Loans(RM'mil)
Implementation impact of FRS139 : Day 1 Adjustments
36% in gross impaired loans vs
gross NPL
1.0% in gross impaired loans % vs
gross NPL ratio
6.6% in retained earnings from FRS139
adoption
Day 1 adjustment
Based on unaudited 30 June 2010 (Q1 FY2011) financial results, subject to review
2,557
3 63
2,389 2,757
1,804
458 114 6 2,117
14 18 -
31 Mar 10 Collective impairment
Individual impairment
Provision for contingencies
FRS 4 Insurance contracts
Existing GP / SP / IIS
Effective interest rates
Valuation Reclassification Tax 1 Apr 10(Day 1)
30 Jun 10
Retained earnings (RM'mil)
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AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 8(Conventional + Islamic)
Strong financial result for Q1FY2011
REPORTEDBusiness Performance
Q1FY10 results
Favourable growth in Q1FY11
Unfavourable growth in Q1FY11
Income :
Good growth from most Divisions, Q1FY11 run-rate better than FY2010 full year
Higher investment & trading income in Q1FY2010 due to a one-time gain on disposal of a bond holding
Non interest income composition
Expenses :
Salary & staffing increases, CPI & ongoing medium term investments; within CTI targets
Provisions / Allowances :
Lower individual & collective impairments (combined)
Includes PER, impairment losses & provisions for commitments & contingencies
Note :1 Q1FY2010 underlying is reinstated for one-offs as at 30 June 2010
UNDERLYING 1
Fee, 54%
Trading,27%
Insurance. 17%
Others,1%
RM'mil Q1FY10 Q1FY11
Net interest income 567.3 692.4 +22.1%
Fee and commission 154.2 161.7 +4.9%
Investment and trading 138.4 80.0 -42.2%
Insurance business 23.8 52.0 +>100.0%
Others 4.4 3.7 -15.9%
Total Income 888.1 989.8 +11.5%
Expenses 352.3 381.2 +8.2%
PBP 535.7 608.6 +13.6%
Impairments / Allowances 182.2 92.4 -49.3%
PBT 353.5 516.2 +46.0%
PAT 265.5 381.7 +43.8%
PATMI 258.2 368.3 +42.6%
PATMI 260.9 376.8 +44.4%
Q1FY11 vs Q1FY10
GG
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G
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G
G
G
G
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AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 9(Conventional + Islamic)
Higher contributions across most Divisions
Business Performance
Retail Banking - income and profit growth via focusing on viable segments
Business Banking - well-balanced profits with income growth and lower provisions
Investment banking good pipeline but slower start
CIB higher incomes from lending, asset-based and international businesses
Life Assurance and General Insurance - higher incomes from larger fund base and better efficiencies
Note 1 : Life Assurance
PATMI
Net Loans / Financing
Retail lending - target / viable segments in highly competitive environment
Business and SME growth - stable & preferred growth sectors
CIB - project financing with government &
Q1FY10 results Favourable growth in Q1FY11 Unfavourable growth in Q1FY11
Retail, 48%
Business,16%
CIB, 15%
Investment,7%
Life, 6%
General, 3%
Markets,16%
Operating-13%
PATMI contribution
RM'mil Q1FY10 Q1FY11
Retail Banking Division 134.2 177.2 +32.0%
Business Banking Division 34.8 60.6 +74.1%
Corporate & Institutional
Banking (CIB) 30.1 54.9 +82.4%
Investment Banking Division 64.2 26.3 -59.0%
Assurance 16.2 36.5 +>100%
Life Assurance 4.5 23.7 +>100%
General Insurance 11.7 12.8 +9.4%
Markets and Treasury 45.9 60.4 +31.6%
Operating Segments (67.2) (47.6) +29.2%
Retail Banking Division 42,194.2 43,230.1 +2.5%
Business Banking Division 9,276.7 11,822.4 +27.4%
Corporate & Institutional Banking 6,057.3 10,200.2 +68.4%
Q1FY11 vs Q1FY10
GG
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GGGGGGG
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AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 10(Conventional + Islamic)
Note :1 Net Interest Margin includes Net Financing Income from Islamic Banking business : Q1FY10 0.72% Q1FY11 0.75%2 CTI and CTA excluding assurance3 Other operating income includes net income from insurance business
Higher NIM* and improving efficiency
Business Performance
* Higher NIM :
Benefit from interest in suspense being
disclosed under provisions as per FRS139
requirements
Immediate benefit from BLR increase
Lagged impact of term deposit increase on
cost of funds
Expect NIM to be lower over remaining
FY2011
FY10NIM = 2.98%
Lower CTI mainly due to higher income
Non-interest income / total income decreased
compared to prior corresponding period due
to lower trading fixed income but higher than
FY10 of 29.6%
Q1FY10 results
Favourable growth in Q1FY11
Unfavourable growth in Q1FY11
Q1FY10 Q1FY11
Net Interest Margin
(NIM & NFR composite) 2.75% 3.08% +0.33%
Cost-Income
(CTI) 39.7% 38.5% -1.2%
Cost-Asset
(CTA) 1.57% 1.57% +0.00%
Non-interest income /
Total Income 36.1% 30.0% -6.1%
Q1FY11 vs
Q1FY10
GG
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AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 11(Conventional + Islamic)
Faster than system CASA growth, loans and customer deposit growth at system
Business Performance
Loans growth targeting
viable segments
CASA proportion
continues to increase
LD ratio within
acceptable levels
Note :1 Customer Deposits : includes RM2.74 bil Senior Notes & RM0.13bil credit-linked notes2 CASA : current accounts & savings accounts 3 CASA proportion : as composition of Deposits from Customers4 LD : net loans / customer deposits
Q1FY10 results
Favourable growth in Q1FY11
Unfavourable growth in Q1FY11
RM'mil Q1FY10 Q1FY11
Balance Sheet - Lending / Financing
Gross Loans / Financing 60,793.9 68,523.3 +12.7%
Net Loans / Financing 57,982.0 65,083.3 +12.2%
Balance Sheet - Deposits
Customer Deposits 65,414.1 71,055.7 +8.6%
CASA Deposits 7,436.7 8,423.6 +13.3%
CASA Proportion 11.4% 12.4% +1.0%
LD Ratio 88.6% 91.6% +3.0%
Q1FY11 vs
Q1FY10
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AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 12(Conventional + Islamic)
Asset quality as per FRS139 / BNM transitional arrangements
Asset Quality Indicators
FY2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY2010 Day 1 Q1FY2011
+Gross impaired loans X Loan loss chargeGross NPL ratio Net NPL ratio Net provisions charge
4.3 5.8
4.6 3.2
2.0 1.5 1.0 2.5 2.5
39.3% 32.2%36.7%
56.6%
67.3%75.1%
99.5%
-60%
-20%
20%
60%
100%
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5.0
10.0
15.0
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 Day 1 Q1FY2011RM'bil
6.06
7.60
6.145.53
3.60
2.431.87
*
Net NPL Gross NPL Loan loss coverage Gross impaired loans * Allowance coverage
FRS 139
Gross impaired loans
*Allowance coverage
93.7%89.1%
2.24%1.92% 1.73%
3.18%
0.97% 0.60%0.88%
14.8%
17.4%
12.4%
10.4%
6.3%
4.1%2.8%
10.9%
13.8%
9.6%
6.2%
3.7%2.6%
1.5%
0%
5%
10%
15%
20%
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 Q1FY2011
+x
Loan loss charge
Gross impaired loans
FRS 139
+3.6%3.8%
0.56%
FRS139 adopted under BNM transitional arrangements
Historical figures are under GP3 basis and not comparable
Continue to enhance :
Collections systems
Credit / risk tools
Risk management / NPL management team
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AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 13(Conventional + Islamic)
FY08
RM'bil
Retail
Biz / Corp
9.5
6.1
1.8
12.0
10.2
1.5
Business Banking (ex GLR)
Corporate & Institutional
Banking
Loan Rehabilitation
68.4%
15.8%
25.6%
FY08
RM'bil
Retail
Biz / Corp
24.2
13.2
2.3 0.9 1.0
2.1
24.7
13.6
2.5
0.9
Auto Financing Mortgage Asset Financing Credit Cards Line of Credit Co-Op
RM'bil June '10 Jun '09
2.6%
10.2%2.0%
8.2%
12.1%
1.8%
10.2
5.5
1.8
12.0
10.3
1.5
Business Banking (ex GLR)
Corporate & Institutional
Banking
Loan Rehabilitation
86.4%
15.8%
17.7%
0.9
1.9
Retail : targeting profitable segments
Business & Corporate : harness synergies via deepening customer relationships
Increasing composition of variable rate loans
Increasing composition of Business / Corporate loans
Portfolio rebalancing : Focus on viable segments and diversification
Gross Loan / Financing movement (before netting loans sold to Cagamas)
by Interest Rate Type
Loan Composition %36.2% 19.9% 3.7% 1.3% 2.8%1.3% 17.5% 15.1% 2.2%
Retail (65.2%) Business / Corporate (34.8%)
by Retail & Business / Corporate
RM'bil Mar-08 Mar-09 Mar-10 Jun-10
Retail 73.7% 72.4% 65.2% 65.2%
Biz / Corp 26.3% 27.6% 34.8% 34.8%
RM'bil Mar-08 Mar-09 Mar-10 Jun-10Fixed rate :
Conventional 46.5% 42.9% 39.3% 38.5%Islamic 15.1% 16.9% 17.8% 19.1%
Variable rate :Conventional 38.3% 40.0% 42.6% 42.1%Islamic 0.1% 0.3% 0.3% 0.3%
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AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 14(Conventional + Islamic)
511.2
6.6
121.3
638.2 618.2
298.5
123.7
1,058.5
161.7 80.0 52.0
297.4
Fee income Trading & Investment income
Insurance business Total non-interest income
Non-Interest Income, RM'mil
FY09 FY10 Q1FY11
37.1
49.5
57.461.9 62.6
5.3
6.3
6.8
8.4 8.4
FY07 FY08 FY09 FY10 Q1FY11RM'bil
CASA All Other Deposits 1
Continuing growth in non-interest income and CASA
Non Interest & Non Financing Income Composition % Customer Deposits by Type
Note :1 CASA composition : as composition of Deposits from Customers
CASA
FD + NID + Senior Notes + Credit-Linked Notes + Treasury Deposits
12.6% 11.2% 10.5%
Total 42.4b 55.8b 64.1b
CASAcomposition
70.3b
12.2%
CASA CAGR15.7%
Slower CASA growth in Q1FY11 in line with industry trend
71.1b
12.4%
FY2010 trading & investment income recorded a one-time gain on disposal of a bond holding (~1.5%)
% non-interest income / total incomeFY09 : 21.8% FY10 : 29.6% Q1FY11 : 30.0%
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AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 15(Conventional + Islamic)
28.2 31.6 34.7 48.96
1 2 3 4 5
EPS, basicsen/share
(13.3)-0.17%
1.02% 1.04% 1.13% 1.58%
1 2 3 4 5
ROA, %
-5.8%
11.5% 11.7% 11.5% 15.3%
ROE, %
Improved returns; strong capital adequacy
Note :1 FY2007 capital adequacy ratios as per the published financial statements of AHB for FY2008
Innovative T1 (AmBank (M) Berhad) :
Approved = RM500 mil
Q1FY10 issuance = RM300 mil
Q2FY10 issuance = RM185 mil
Tier 2 :
Q3FY10 : 7th tranche MTN RM98 mil, total to-date RM1.56 bil
RWCA will improve 0.4% - 0.5% :
proformaACE : 8.4%, proformaT1 : 10.5% & proformaRWCA : 17.1%
Capital management plan :
1. Optimisecapital profile & buffer
2. Increase scenario modeling
3. Streamline corporate structures
4. Develop dynamic dividend policy
5. Proactively manage Basel III requirements
FY2007 FY2008 FY2009 FY2010 Q1FY2011*
ACE 5.8% 7.7% 7.8% 8.2% 7.9%
Tier 1 6.8% 8.5% 9.7% 10.3% 10.0%
RWCA 10.1% 14.1% 15.2% 15.8% 16.7%
Capital adequacy : AHB
Tier 1 RWCA
AmBank (M) Berhad 10.7% 16.4%
AmBank (M) Berhad(Group) 9.6% 16.3%
AmInvestmentBank Berhad 29.4% 31.2%
AmInvestmentGroup Berhad 25.4% 31.1%
AmIslamic Bank Berhad 9.6% 15.1%
Capital adequacy : by legal entity, Q1FY2011*
FY07 FY08 FY09 FY10 Q1FY11 FY07 FY08 FY09 FY10 Q1FY11 FY07 FY08 FY09 FY10 Q1FY11
Q1FY11 / FY10 change 3.7%FY10 / FY09 change 0.2%
Q1FY11 / FY10 change 0.45%FY10 / FY09 change 0.09%
Q1FY11 / FY10 change 41.1%FY10 / FY09 change 9.8%
Improved ROE, ROA and EPS in Q1FY11
* Unappropriatedprofits for Q1FY2011 not included
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AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 16(Conventional + Islamic)
Contents
Executive Summary
Q1FY2011 Group Financial Performance
Segment Performance
Appendix
Strategy & Outlook
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AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 17(Conventional + Islamic)
MTA1
Develop a liability-led business, grow assets in targeted segments and expand wealth management
Grow diversified & profitable assets, increase liabilities, fee base business & international trade finance leveraging on ANZ
Deliver innovative and quality high-impact and high-value clients and leverage ANZ for x-border businesses
Retail Banking*
Business Banking*
Corporate & Institutional
Banking*
Deliver comprehensive solutions, lead in capital markets, funds management, stock broking and enhance domestic & overseas distribution via ANZ
Investment Banking*
Deliver substantive, integrated and client-led business with full suite of FX, Rates, Commodities and FI offerings with ANZ collaborations
Markets & Treasury*
Leverage Friends Provident to deliver premium product & customer propositions & improve efficiencies
Life Assurance
Leverage Insurance Australia Group to become a scale specialist in motor and niche specialist in commercial and non-motor lines
General Insurance
1 - Medium Term Aspirations FY 2010 FY 2015
*Conventional + Islamic
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AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 18(Conventional + Islamic)
Increasing profit momentum
Retail Banking *
Business Banking *
CIB *
Investment Banking *
Markets & Treasury *
Life Assurance
General Insurance
Accelerate CASA & deposit growth, profitable asset growth & lower credit costsInvest for medium term outcomesStrong profit growth benefiting from new FTP rules and lower provisions for FY 2011
Income growth from larger asset base & growth in non-interest incomesProactively manage existing accounts for cross-sell & transactional depositsStrong profit growth benefiting from new FTP rules and lower provisions for FY 2011
Income growth from larger asset base & feesIncrease focus on cross-selling & growing depositsStrong profit growth benefiting from new FTP rules and lower provisions for FY 2011
Leverage upturn in capital marketsIncrease regional biz via closer collaboration with ANZReasonable profit growth for FY 2011
New products, improve new biz IRR & leverage strategic partnership with Friends ProvidentStrong growth in profits transferred to Shareholders for FY 2011
Higher contribution from new products, increase share of wallet from retail & biz customersPossible synergistic benefits from MAA acquisitionReasonable profit growth for FY 2011
Momentum from FX & Derivatives set to increaseStrong profit growth for FY 2011
*Conventional + Islamic
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AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 19(Conventional + Islamic)
- RM282.5 mil
RM668.5 mil
RM860.8 mil
RM1,008.6 mil
RM368.3 mil
>20%14 18%
CAGR ^
- 5.8% 11.5% 11.7% 11.5% 15.3% 12 - 13% *FY13 onwards :
15 18%*
37.1% 39.6% 43.3% 42.0% 38.5% 40 - 42% 40 - 42%
6.2% 3.7% 2.6% 1.5%
3.8% 3.6% circa 3.6% circa 2.5%
5.0 sen/ share
(loss year)
6.0 sen/ share
18.3%
8.0 sen/ share
19.0%
10.5 sen/ share
28.1%
- 35 40%
payout payout
Medium Term Aspirations
PATMI
ROE
CTI
Net NPL ratio
Gross impaired loans
Dividend
Gross
Payout
* *
* Adjusted for possible Basel III impacts on ACE^ Previously 12-15% sustainable profit growth
FY07 FY 08 FY 09 FY 10 Q1FY 11 FY 2011Medium Term
Aspirations (MTA)
*
Previous guidance: 16-20%
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AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 20(Conventional + Islamic)
Summary
1. GoodFY2011start
2. Favourable Malaysian / regional economy butcautiousglobaloutlook
3. Strong growth foundations and clear strategies(MTA)
4. International connectivitywith ANZ
5. Disciplinedexecutionandgovernance
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AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 21(Conventional + Islamic)
Contents
Executive Summary
Q1FY2011 Group Financial Performance
Strategy & Outlook
Appendix
Segment Performance
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AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 22(Conventional + Islamic)
PATPBPExpensesIncome
Retail Banking Division : improved asset quality main contributor to higher profits
Income growth - profitable segments and pricing for risk
Expenses - growing footprints and upgrade in risk tools, people cost and IT systems
Lower loan loss allowances driving higher profits
Q1FY2010 loans and deposits adjusted for segment realignment
Aspirations
Develop a liability-led business, complemented with asset growth in certain segments and products, and grow scale in wealth management in both Mass and Mass Affluent segments
Achieving profitable growth, balancing between margins and credit costs
Composition to Group 47.6%47.2% 47.8% 46.4%
Q1FY10 results
Favourable growth in Q1FY11
Unfavourable growth in Q1FY11
RM'mil Q1FY10 Q1FY11
Income 453.1 470.9 +3.9%
Expenses 159.7 180.0 +12.7%
PBP 293.4 291.0 -0.8%
Impairments / Allowances 112.7 54.7 -51.5%
PBT 180.7 236.2 +30.7%
PAT 134.2 177.2 +32.0%
Gross Loans / Financing 43,694.3 44,450.6 +1.7%
Net Loans / Financing 42,194.2 43,230.1 +2.5%
Gross Impaired Loans - 1,358.6 -
Customer Deposits 30,097.5 32,441.1 +7.8%
CASA Deposits 5,924.1 6,851.3 +15.7%
ROA 1.26% 1.61% +0.35%
CTI 35.3% 38.2% +2.9%
Allowance Coverage - 89.8% -
Q1FY11 vs Q1FY10
G
3.06 %
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AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 23(Conventional + Islamic)
PATPBPExpensesIncome
Business Banking Division : Good income and targeted loans growth
Income growth - lending to stable sectors, trade and transactional
Cost increase - expansion in relationship team
Q1FY2010 loans and deposits adjusted for segment realignment
Aspirations
Develop a well diversified, profitable and sustainable client base and grow deposit and cash management, quality loans, international trade finance via leveraging ANZ connectivity, non-
Achieving profit growth post financial consolidation
Composition to Group11.6% 6.5% 14.8% 15.9%
Q1FY10 results
Favourable growth in Q1FY11
Unfavourable growth in Q1FY11
Q1FY11 RM'mil Q1FY10 Q1FY11 Q1FY10
Income 84.2 114.5 +36.0%
Expenses 19.4 24.8 +27.8%
PBP 64.9 89.8 +38.4%
Impairments / Allowances 18.4 9.0 -51.1%
PBT 46.4 80.8 +74.1%
PAT 34.8 60.6 +74.1%
Gross Loans / Financing 9,520.6 11,957.8 +25.6%
Net Loans / Financing 9,276.7 11,822.4 +27.4%
Gross Impaired Loans - 105.9 -
Customer Deposits 2,930.5 4,134.6 +41.1%
CASA Deposits 932.2 1,419.1 +52.2%
ROA 1.49% 2.11% +0.62%
CTI 23.0% 21.6% -1.4%
Allowance Coverage - 127.9% -
0.89%
G
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AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 24(Conventional + Islamic)
PATIncome Expenses PBP
Corporate & Institutional Banking Division : Good income growth and lower provisions
Diversified loans portfolio - good support for income growth
Provisions benefitted from bad debts recovered
Q1FY2010 loans adjusted for segment realignment
Aspirations
Provide innovative and quality solutions (including syndication and cross-selling) both domestic and cross border via ANZ, targeting high-impact and high-value clients, MNCs and GLCs
Note : 1 Singapore Stock Exchange2 Jakarta Stock Exchange3 AmFraserInternational PteLtd4 PT AmCapitalIndonesia
* Services include : large corporate lending, large corporate deposits, financial institution group, offshore banking, international business, private equity, REITs and loan syndication
Accelerate growth, underpinned by higher CASA, non-interest income and regional presence
Composition to Group8.7% 6.5% 10.1% 14.4%
Q1FY10 results
Favourable growth in Q1FY11
Unfavourable growth in Q1FY11
RM'mil Q1FY10 Q1FY11
Income 60.6 85.9 +41.7%
Expenses 18.3 24.6 +34.4%
PBP 42.3 61.3 +44.9%
Impairments / Allowances 3.1 (10.8) +>100%
PBT 39.2 72.1 +83.9%
PAT 30.1 54.9 +82.4%
CTI 30.1% 28.6% -1.5%
Net Loans / Financing 6,057.3 10,200.2 +68.4%
Ave Assets Management 990.0 1,008.5 +1.9%
Ave Volume / Contract Traded (RM'mil/month)
S'pore SE 158,404.3 151,360.6 -4.4%
Jakarta SE 63,087.3 69,238.0 +9.7%
AmFIPL 1,721.5 1,638.9 -4.8%
PTAMCI 511.6 530.5 +3.7%
Market Share as at:
AmFIPL 1.1% 1.1% +0.0%
PTAMCI 0.8% 0.8% +0.0%
Q1FY11 vs Q1FY10
G
G
G
G
G
1
2
3
4
G
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AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 25(Conventional + Islamic)
PATPBPExpensesIncome
Investment Banking Division : Good pipeline but slower start to Q1FY2011
Higher income in Q1FY10 partly due to a one-time gain on disposal of a bond holding
Aspirations
Develop complete, end-to-end, comprehensive solutions and lead in capital markets, funds management, and stock broking underpinned by strong domestic and overseas distribution capability via ANZ
Note :1 Including AmInvestmentManagement, AmInvestment
Services, private banking & AmARA
Reposition as consistent top 3 player whilst delivering sustainable profit growth with lower volatility
Composition to Group7.6% 10.4% 5.9% 6.9%
Q1FY10 results
Favourable growth in Q1FY11
Unfavourable growth in Q1FY11
RM'mil Q1FY10 Q1FY11
Income 120.5 75.4 -37.4%
Expenses 36.1 39.7 +10.0%
PBP 84.3 35.7 -57.7%
Impairments / Allowances 0.8 0.4 -50.0%
PBT 83.6 35.3 -57.8%
PAT 64.2 26.3 -59.0%
CTI 30.0% 52.6% +22.5%
Ave Assets Management 18,459.2 23,529.3 +27.5%
Ave Volume / Contract Traded (RM'mil/month)
Bursa M'sia 57,410.1 59,429.3 +3.5%
Future KL index 436.2 367.3 -15.9%
IB Broking 4,480.2 4,707.1 +5.1%
AmFuture 85.0 75.5 -11.2%
Market Share as at:
IB Broking 7.8% 7.8% +0.0%
AmFuture 20.2% 20.3% +0.1%
Q1FY11 vs Q1FY10
G
G
G
G
1
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AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 26(Conventional + Islamic)
PATIncome
Life Assurance : Stronger contribution to Shareholders, sound capital adequacy
Higher income - larger fund assets, from enhanced agency network, product bundling and cross selling
Aspirations
Deliver premium product & customer propositions to target segments, streamline process to improve efficiencies and leverage Friends Provident
Becoming a top 5 life assurance company
Composition to Group2.4% 6.2%
Q1FY10 results
Favourable growth in Q1FY11
Unfavourable growth in Q1FY11
RM'mil Q1FY10 Q1FY11
Net Income 6.2 23.7 +>100.0%
PAT 4.5 23.7 +>100.0%
Life Assurance
fund assets 2,149.7 2,389.9 +11.2%
CAR ratio 187.2% 232.7% +45.5%
Q1FY11 vs
Q1FY10
GG
G
G
G
G
-
AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 27(Conventional + Islamic)
PATPBPExpensesIncome
General Insurance : Higher income and improved efficiencies
Higher income - larger gross written premium, from enhanced up- and cross-selling, and established distribution network
Aspirations
Deliver competitive customer propositions via becoming a scale specialist in motor and niche specialist in commercial and non-motor personal lines, and leverage IAG
Becoming a well-diversified and profitable top 3 general insurance provider
Composition to Group4.3% 5.4% 3.6% 3.4%
Q1FY10 results
Favourable growth in Q1FY11
Unfavourable growth in Q1FY11
RM'mil Q1FY10 Q1FY11
Income 27.4 42.6 +55.5%
Expenses 18.2 20.7 +13.7%
PBP 9.2 21.9 +>100%
Impairments / Allowances - - N/A
PBT 11.7 21.9 +87.2%
PAT 11.7 12.8 +9.4%
CTI 66.4% 48.6% -17.8%
General Insurance fund
assets922.7 1,042.0 +12.9%
Q1FY11 vs Q1FY10
GG
G
G
G
G
-
AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 28(Conventional + Islamic)
PATIncome Expenses PBP
Markets and Treasury : Income diversification and increasing momentum
Higher interest income from HFT, FX and derivatives
Expenses reflect continuous investment in FX, rates, derivatives & commodities establishment
Provisions reflect reversal in AFS impairment
Aspirations
Provide substantive, integrated and client-led business underpinned by a full suite of FX, Rates, Commodities and FI offerings, with ANZ collaborations
To serve our clients with superior & competitive financial solutions
Composition to Group8.7% 3.4% 12.0% 15.8%
Q1FY10 results
Favourable growth in Q1FY11
Unfavourable growth in Q1FY11
RM'mil Q1FY10 Q1FY11
Income 79.5 86.1 +8.3%
Expenses 9.3 13.1 +40.9%
PBP 70.3 73.0 +3.8%
Impairments / Allowances 8.2 (7.3) ->100%
PBT 62.1 80.2 +29.1%
PAT 45.9 60.4 +31.6%
CTI 11.6% 15.2% +3.6%
Total Group:
Financial assets HFT 2,255.6 2,737.9 +21.4%
Financial investments
AFS 7,122.3 7,593.6 +6.6%
Financial investments
HTM 766.9 199.5 -74.0%
Q1FY11 vs Q1FY10
GG
G
G
G
G
G
GGG
G
-
AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 29(Conventional + Islamic)
PATPBPExpensesIncome
Group Operating Segments
Higher income from :
Loan Rehab units (recovery rate as scheduled)
Shareholders fund, Corporate & Shared Services (consolidation adjustments)
Composition to Group9.2% 20.5% 2.1% -9.0%
Defining the journey to a Customer Service Delivery Channel
Q1FY10 results
Favourable growth in Q1FY11
Unfavourable growth in Q1FY11
RM'mil Q1FY10 Q1FY11
Income 56.5 90.6 +60.4%
Expenses 91.3 78.1 -14.5%
PBP (34.8) 12.5 +>100.0%
Impairments / Allowances 39.1 46.5 +18.9%
PBT (73.9) (34.0) +54.0%
PAT (59.9) (34.2) +42.9%
PATMI (67.2) (47.6) +29.2%
Q1FY11 vs Q1FY10
GG
G
G
G
G
G
GGG
-
AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 30(Conventional + Islamic)
Islamic Banking
Q1FY11 income run-rate higher than FY2010 full-year
Higher income in Q1FY10 due to a one-time gain in disposal of a bond holding recorded in income derived from Islamic Banking Funds
Underlying branding position remains strong and expected to provide growth support
Aspirations
To become the Islamic Bank of choice and ensure a high degree of value for our customers, employees & stakeholders
* Results incorporated under respective business divisions
Increase contribution to overall merged bank portfolio
Composition to Group
Q1FY10 results
Favourable growth in Q1FY11
Unfavourable growth in Q1FY11
PATPBPExpensesIncome
19.6% 20.1% 19.3% 15.5%
RM'mil Q1FY10 Q1FY11
Income 234.3 194.2 -17.1%
Expenses 64.2 76.5 +19.1%
PBP 170.1 117.7 -30.8%
Impairments / Allowances 23.1 37.3 +61.7%
PBT 147.0 80.4 -45.3%
PAT 109.1 59.3 -45.6%
Net Financing 9,885.6 12,785.7 +29.3%
Gross Impaired Financing - 191.6 -
Customer Deposits 13,678.3 13,287.3 -2.9%
CASA Deposits 2,156.8 2,047.1 -5.1%
ROA 2.77% 1.34% -1.43%
CTI 27.4% 39.4% 12.0%
Allowance Coverage - 159.4% -
Q1FY11 vs Q1FY10
G
1.35%
-
AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 31(Conventional + Islamic)
Contents
Executive Summary
Q1FY2011 Group Financial Performance
Strategy & Outlook
Segment Performance
Appendix
-
AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 32(Conventional + Islamic)
AMMB Holdings Berhad
Listing
Stock code
Tickers
Bursa Malaysia Securities Berhad, Main Market
AMMB / 1015
AMM MK (Bloomberg) AMMB.KL (Reuters)
Issued share capital
Market capitalisation
RM3,014.2 mil
RM15.04 bil , USD4.62 bil
Price
Price performance
RM4.99, 30/6/10 RM5.26, 52-wk high RM3.40, 52-wk low
1 month 3 months 12 months 24 months 36 months
AMMB +2.0% -0.2% +47.6% +56.9% +17.5%
KLCI +2.3% -0.5% +22.2% +10.7% -3.0%
Volume (daily average) 4mil, 1 month 4.5mil, 3 months 6.2mil, 12 months
Market ratios EPS, 49.0sen PE, 10.19 PBV, 1.54
-
AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 33(Conventional + Islamic)
AmBank Group snapshotAmBankGroup snapshot
AmBankGroup, PATMI :
AmBankGroup,
Source :1 Bloomberg (Global 1,000 banks by Market Capitalization as at 1 July 2010)2
Agency Malaysia Berhad
30+ years of banking heritage & franchise
Top 20 listed company on Bursa SahamMalaysia & rank 176th globally (by market cap amongst banks1)
Diversifiedbusiness fundamentals with 3 consecutive years of record performance
Upgraded credit ratings2 and well capitalized - Tier 1 CAR 10.0% & RWCA 16.7%
Strategic partnership with ANZ (one of 11 AA rated banks in the world) and
Assurance business partners :
InsuranceAustralia Group (IAG) general
Friends Provident (FP) lifePATMI = profit after tax and minority interests
215 202
400
-282
669
861
1,009
1.2 bil estimate
2004 2005 2006 2007 2008 2009 2010 2011e
CAGR22.8%[2008 -2010]26.0% [2006 -2010]
-
AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 34(Conventional + Islamic)
-1.6%
-5.1%
5.7%3.8% 4.6%
4.8%
8.5% 8.6%
6.3%
10.1%11.2%
7.8%
11.7%
-10%
-5%
0%
5%
10%
15%
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 May 2010
YoYMalaysia lending growth vsGDP growth
GDP growth Lending growth
5.00
-1.70
8.00
6.58
-1.25
10.85
5.70
4.55
5.80
4.60
-2.20
5.31
8.40
5.30
4.93
1.00
4.46
-3
-1
1
3
5
7
9
11
2005 2006 2007 2008 2009 2010f
%ASEAN economies real GDP growth
Vietnam
Singapore
Malaysia
Indonesia
Philippines
Thailand
-Pacific trading partners
Note: 1 AmResearchforecastSources : Bloomberg, BNM, in-house economic research
Malaysia, moving from recovery to growth
13.14%
9.66%8.71% 8.23% 7.81% 7.46% 7.14% 7.01%
7.73%6.63% 6.65% 6.06% 6.07%
0%
5%
10%
15% Malaysia average lending rate vsOPR & BLR
Average lending rate Average OPR Average BLR
Malaysia :Key statistics 1 2010e 2011e
GDP 8.0% 6.0%
Inflation 2.5% 3.0%
OPR 2.75-3% 3.3%
Fiscal deficit 5.3% 4.4%
Exchange rate (RMvsUSD) 3.1 3
Relativedebt / loans toGDP, 2009
Malaysia Singapore Indonesia Thailand Philippines
National debt / GDP 69.5% 117.9% 0.07% 60.7% 349.9%
Total external debt / GDP 44.7% 481.3% 74.6% 1.3% 172.4%
Housing loans / GDP 40.3% 37.0% n.a. 21.7% n.a.
Auto financingloans/ GDP 22.0% 4.9% n.a. 9.0% 6.6%
-
AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 35(Conventional + Islamic)
10MP : Key macroeconomic targets9MP
2006 201010MP
2011 - 2015
GDP 4.1%pa 6.0% pa
GDP per capita US$8,256 US$12,139
Private expenditure 5.7% pa 8.6% pa
Public expenditure 5.4% pa 4.9% pa
Exports 1.3% pa 10.6% pa
Fiscal deficit -5.3% of GDP -2.8% of GDP
Inflation 2.8% pa NA
Unemploymentrate 3.6% 3.1%
10th Malaysia Plan (2011 2015) and New Economic Model : Moving Malaysia to the rank of high income economies
10th Malaysia Plan (10MP) snapshots
Government Transformation Programme& New Economic Model
GDP growth target 6% pa (2006/2010 : 4.2%)
Primary policy thrust to re-energize private sector amid leaner public sector
RM230bil for development expenditure
Private Finance Initiative Fund RM20bil to attract private investments worth at least RM200bil in National Key Economic Areas (NKEAs)
12 NKEAs, comprising 11 sectors and 1 geographical area Greater KL
New Economic Model : Goals
IskandarMalaysiaNorthern Corridor Economic RegionEast Coast Economic RegionSarawak Corridor Renewable EnergySabah Development Corridor
Key growth engines
10MP allocation for development expenditure
Cluster corridors
O&G (11.1%1)Palm oil & related productsFinancial services (12.7%1)Wholesale & retail (15.1%1)TourismICT (10.2%1)Education (2.0%1)Electrical & electronicsBusiness services (3.3%1)Private healthcareAgriculture services (2%1)Greater Kuala Lumpur
NKEAs
Note: 1 target % contribution to GDP by 2015Sources: AmResearch, media
Economic sector, 55%
Social sector, 30%
Security sector, 10%
General admin, 5%
-
AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 36(Conventional + Islamic)
97.9 155.0
465.8
99.2
172.9
481.9
Savings Current Account Fixed Deposits
Industry Deposits by Type June '09 June '10
11.6% 3.4%1.3%
117.7 199.9
24.9 33.8
366.5 127.7
222.5
27.7 40.5
417.1
Purchase of Transport Vehicles
Purchase of Residential Properties
Credit Cards Personal Use Business & Corporate Loans
Industry Loans Growth by Sector June '09 June '10
11.3% 11.4% 19.6% 13.8%8.5%
Industry Growth : Loans by Sector, Deposits by Type
composition : 15.3% 26.6% 3.3% 4.8% 49.9%
Retail loans growth : 11.2%
Retail loans composition : 50.1%
CASA growth : 7.6%
composition : 13.2% 22.9% 63.9%
Banking System Loans
June 2010 835.5
June 2009 742.8
12.5%
Banking SystemCoreDeposits
June 2010 753.9
June 2009 718.7
4.9%
-
AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 37(Conventional + Islamic)
10,218.9
14,975.6 18,291.3
15,954.4 19,272.6 20,176.9
13.8%
16.6%15.5%
14.1%12.8% 12.2%
-10.0%
0.0%
10.0%
20.0%
-
10,000
20,000
30,000
Market ShareAUM
Asset Under Management Market Share
1,164.8 1,430.1 1,700.9 2,034.8
2,387.7 2,389.9
340.9 382.6 352.2 449.0
583.4
125.1
-1200
-400
400
-
2,000
4,000
Gross PremiumFund Assets
Life Fund Assets Gross Premium
601.8 696.3 811.3
901.8
1,018.6 1,042.0
438.2 476.3 545.6 585.8
624.4
161.2
-2000
-1000
0
-
500
1,000
1,500
Gross PremiumFund Assets
General Fund Assets* Gross Premium
39,940.8 92,845.4 50,044.2 46,490.8 26,417.8
7.2%8.0% 8.0% 7.7% 7.6%
-5.0%
0.0%
5.0%
10.0%
-
40,000
80,000
120,000
Market ShareTrading Value
Trading Value Market Share
Good momentum in Assurance and key Investment Banking portfolios
FY06 FY07 FY08 FY09 FY10 Q1FY10 FY06 FY07 FY08 FY09 FY10 Q1FY10
General Insurance
* Prior to December 2008, based on general funds per BNM DGI returns. December 2008 & post December 2008 )
2006 2007 2008 2009 H1CY2010
Stock Broking
Institutional funds : Unit trust funds ratio at 44 : 56
Institutional & Unit Trust Funds
4.7%
Life Assurance
0.1%
2.3%
-
AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 38(Conventional + Islamic)
23.0 23.6 25.526.8
27.3[38%]
4.99.0
10.9 11.212.0[17%]
12.5
20.2
26.329.6
27.7[39%]
1.9
3.0
1.4
2.6 4.1 [6%]
FY07 FY08 FY09 FY10 Q1FY11RM'bil
Others Biz enterprises Government Individuals
51.9%60.9% 62.6% 65.1%
26.9%
27.8% 27.8% 20.9%
9.2%
6.0% 4.5% 7.5%
0.1%11.0%
1.0% 5.2%5.1% 6.5%
FY07 FY08 FY09 FY10RM'bil
Non-interest sensitive Islamic > 5 years 1-5 yrs 3-12 mths 0-3 mths
4.8 2.1 1.60.4 1.3
0.51.4
0.70.5 0.5
1.3
1.4 0.90.9 0.9
10.9
2.12.9
2.5 1.2
FY07 FY08 FY09 FY10 Q1FY11RM'bil
Other FI's BNM Merchant banks Banks
Funding profile reflecting current interest regime
Individual and government funds grew 3.2% in Q1FY11
Diversified funding profiles
Reduce dependency on inter-banking funding
Note -profit organisationsand similar - includes Senior Notes RM2.74 bil & credit-linked notes RM0.13bil
Adjusted Customer Deposits by Sources
Deposits of Banks & Other Financial Institutions
Adjusted Customer Deposits : Interest / Profit Rate Pricing Profile
Individuals
Government
Biz enterprises
Others 1 + Senior Notes + Credit-Linked Notes
0 3 months
3 12 months
1 5 years
Non - sensitive
> 5 yearsIslamic
BanksMerchant
BNM
17.4b 7.1b 6.1b 4.3b
CentralisedCapital & Balance Sheet Management
Manage regulatory and economic capital, liquidity funding, and FTP and balance sheet risks
Formulate capital management frameworks, including dividend policy
Formulate capital management plan aligned to strategic plans, and stress tests
Manage efficient internal capital allocation
Execute capital and funding transactions for competitive advantage
RM7 bil Senior Notes term funding program : RM1.42bil via book building & RM1.32bil via private placements issued to-date
Total 3.9b
-
AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 39(Conventional + Islamic)
10.1 9.5 8.5
-8.5 -8.4 -10.5
-7.3 -7.9-9.8
-0.4 -0.6
-0.4
Interest / Profit Rate Risk : Non-Interest Sensitive
21.5 25.3 23.6
-3.4 -3.5 -2.5
0.8 0.80.1
Interest / Profit Rate Risk : > 5 years
10.0 10.8 13.4
-4.9 -5.1 -7.4
-4.0 -2.9
-9.3
Interest / Profit Rate Risk : 1 - 5 years
34.9 42.9 49.2
-58.8 -64.3 -65.8
3.2 2.29.3
Interest / Profit Rate Risk : 0 - 12 months
Balance sheet repositioned for rising interest rates
Note : Net mismatch comprises on-balance sheet and off-balance sheet interest rate gap sensitivity
FY2008 FY2009 FY2010 FY2008 FY2009 FY2010
Net mismatch : -20.6 -19.2 -7.3
Net mismatch : 18.9 22.5 21.2 Net mismatch : -6.1 -7.4 -12.2
Net mismatch : 1.1 2.9 -3.3Mismatch profileNet mismatch > 12 months
FY2008 13.9 bil
FY2009 18.0 bil
FY2010 5.7 bil
Assets Liabilities Equity Off balance sheet gap / derivatives
-
AMBANK GROUP INVESTOR RELATIONS PRESENTATION Q1FY2011 40(Conventional + Islamic)
Strategic partnership with global partner, ANZ
Competitive positioning : continues to strengthen
Sound size and market position in key business
segments
1
2
3
4
5
6
Well diversified universal bank & # 4 largest banking group (market capitalization) # 4 retail bank, # 5 business and CIB lendingTop 2 investment bank , #5 Islamic banking, #7 general insurance Strong customer-focus, leadin
customer satisfaction
Segmentation focus and positioning strategies & differentiating through products & services
Large retail and corporate client base provides high cross-selling potential
Award-winning products and services
Improving recall
Expanding distribution footprint (branch network 190), #3 largest ATM network (787), 377 ATMs @ 7/11 and
eChannels: internet banking, mobile banking and 24 hours call centre
Pioneer in weekend banking concept
~7,200 sales agents, direct sales teams, marketing & personal bankers, financial services and insurance agents
Strategic partnership with ANZ (since May 07), 1 of 11 AA rated global banksLeveraging ANZ : strengthen strategy formulation, financial management, risk management, distribution channel management, deposits strategy and product development
Strong key shareholders, common aspirations
AIGB privatisation & internal business restructuring completed
Insurance biz partnership (2009)
Improvement in stock valuation &upgrades in credit ratings
Experienced management team with key ANZappointments
Industry experts, international and domestic best practices
Performance based culture, all levels
Strengtheningcompetitive positioning