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apple developer enterprise account for rent:AMMB considered impact of RM2.83bil payment to govt

admin2021-03-0925

Group CEO Datuk Sulaiman Mohd Tahir said the banking group had taken into consideration the consequences of the global settlement on all stakeholders, including the man-on-the-street and that “any kind of protracted delay on this settlement would certainly impact business.” PETALING JAYA: AMMB Holdings Bhd (AmBank) had considered the impact of the RM2.83bil payment it has to make to the government “very seriously” and says it will “redouble” its efforts to ensure it returns to profitability within its targeted timeframe. Group CEO Datuk Sulaiman Mohd Tahir said the banking group had taken into consideration the consequences of the global settlement on all stakeholders, including the man-on-the-street and that “any kind of protracted delay on this settlement would certainly impact business.” “This matter is now behind us, ” he said, adding that the focus was now to bounce back in the financial year ending March 31,2022 (FY22) and beyond. The global settlement which came as a shock to many quarters last week, is the result of the group’s past dealings with scandal-ridden 1Malaysia Development Bhd. It will push the banking group into the red for its current FY21, which also means there will be no dividends for AmBank shareholders in its current financial year. CLICK TO ENLARGEAmBank will take the hit of the settlement in the coming fourth quarter of FY21 in the form of provisions. “We are certainly going to redouble our efforts to ensure that we build on our improved underlying business prospects, which have been contributing a net profit of approximately RM1.3bil over the last few years, ” Sulaiman told StarBiz in an interview.Amid questions raised as to why the banking group did not seek shareholders’ views before proceeding to agree with the government on the RM2.83bil payment, which is equivalent to about a third of its entire market value, Sulaiman said it was a “complex” process. “However we consulted with our legal counsel and the settlement was agreed upon within the mandate and authority of the board. “This was a situation of assessing legal ramifications and risks to the bank.” He said the lender looked into exploring the settlement option and what the impact would be like on the bank as a whole as well as the quantum, by looking at various simulations with regards to impact on its capital and capacity for absorption. “When we made the decision, it was with full consciousness that it had to be something that would be acceptable to the respective parties, finally, when there was acceptance, we made the announcement. “From a factual perspective, the amount could have been worse.” Responding to further criticism as to why there were no red flags raised by the bank or any other relevant party ahead of the announcement, Sulaiman said the lender had no prior visibility in relation to the settlement before the days leading up to the tail-end of February 2021. “Intense discussions commenced in February pertaining to this matter and this led to a culmination point in the last week of February where a decision needed to be made on two options: to settle or to go ahead with court proceedings.” Moving forward, he said return on equity or ROE – a measure of a bank’s financial performance – remained the bank’s top agenda. “As far as the management team is concerned, we intend to deliver and ensure that the bank remains successful, we have done it before and we will do it again. “We are confident we will be able to go back to our original levels, it is a matter of execution and focus in order to achieve this goal, ” he said. AmBank reported last week a lower net profit of RM263.82mil in the third quarter ended Dec 31,2020 (Q3) and RM866.31mil for the nine-month period, affected by allowances for impairments on loans, advances and financing. The bank said its Q3 net profit was lower by 31% from the RM382.15mil a year ago due to provisions totalling RM257.74mil. The AmBank stock was suspended for two days after the global settlement announcement was made. On the first day of reopening, which was last Wednesday, it finished down 11% to RM2.80. As of last Friday, the stock had recovered slightly to RM2.92 apiece, valuing the entire banking group at some RM8.8bil.
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