Trading plan for next week

Dow closed -82 points lower last friday. what should i do for next week? to be honest next week going to be my hell week but i'll try my best to monitor the market. (addicted already :p)

 Zelan..FA and TA wise looks attractive and got a buy (BOD) recommendation from ZL..i think i'll focus on this stock.

anyway, AMMB posted higher net profit for the 3rd quarter, 25% lifted by higher income from islamic banking unit. good news

AMMB on track to deliver record net profit in 2009

Published: 2009/02/14

 

AMMB Holdings Bhd (1015) registered higher net profit of RM247.96 million for the third quarter ended December 31 2008 from RM197.85 million in the previous corresponding quarter.

Revenue, however, was lower at RM1.54 billion from RM1.62 billion previously.

For the nine months ended December, the group reported RM681 million net profit on the back of RM4.39 billion revenue, compared with RM451.05 million net profit and RM4.5 billion revenue in the previous corresponding period.

During the period, earnings per share was 33.3 sen and post-tax return on equity was 12.4 per cent.
AMMB attributed the nine-month profit performance to the growth in net interest income and net income from Islamic banking business of RM144.8 million and RM35.4 million, respectively.

AMMB chief executive officer and managing director Cheah Tek Kuang said the group is on track to deliver record net profit performance for the financial year 2009.

"AMMB group is well positioned to weather global, regional and national volatilities, leveraging on the strategic partnership with Australia & New Zealand Banking Group (ANZ). 

AMMB is investing in and implementing strategies to build sustainable growth, Cheah said in a statement.

As at December 31 2008, AMMB group's total assets stood at RM86.5 billion, an increase of 9.4 per cent from the previous corresponding period. The group's risk-weighted capital ratio was at 14.3 per cent.

Total risk-weighted assets of RM70 billion complies with standardised Basel II requirement, it said.

AMMB's retail and business banking divisions were the largest contributors to the group's profits in the first three quarters, reporting a combine post-tax profit of RM577.1 million. 

Investment banking division posted a reasonable after-tax profit of RM36 million, despite being affected from tough conditions in capital and stock markets.

The relationship and regional banking division recorded RM33.7 million profit, 28.3 per cent lower than the previous corresponding period, mainly in its international stock broking businesses. Insurance operations contributed RM33.8 million to group profits.