AFFIN BANK 3Q NET PROFIT RISES TO RM145.82 MLN

KUALA LUMPUR, Nov 22 (Bernama) -- Affin Bank Bhd posted a higher net profit of RM145.82 million in the third quarter ended Sept 30, 2024 (3Q FY2024) compared to the net profit of RM100.45 million in the same period last year.

Revenue also surged to RM612.77 million in 3Q against RM500.44 million previously, reflecting continued business growth, it said in a statement to Bursa Malaysia today.

For the cumulative nine months of 2024 (9M 2024), the bank’s net profit rose to RM374.61 million versus RM362.66 million last year, while revenue also increased to RM1.61 billion from RM1.50 billion.

Affin Bank president and group chief executive officer Datuk Wan Razly Abdullah Wan Ali said the results of the third quarter highlighted the progress the bank is making towards its Affin Axelerate 2028 Plan (AX28), which has the strategic pillars of Unrivalled Customer Service; Digital Leadership; and Responsible Banking With Impact.

He said the group’s transformative journey, driven by agile execution and a strong balance sheet, “places us on a positive trajectory to achieve sustainable growth, even in the face of macroeconomic and geopolitical challenges.” “The launch of our exclusive private banking segment, AFFIN Diventium, on Sept 3, 2024, further diversifies our business model and caters to the sophisticated needs of very-high-net-worth individuals. This strategic move will contribute to AFFIN Group’s business momentum,” he added.

Affin Bank said its net interest income (NII) was recorded at RM600.7 million, a dip of RM4.9 million, or 0.8 per cent, compared to the previous financial period of RM605.6 million.

"Non-interest income for the period under review was RM513.3 million, an increase of RM63.7 million, or 14.2 per cent, from RM449.6 million registered in the previous corresponding period," it added.

As for the nine months, the group’s total loans, advances and financing grew by 9.9 per cent year-on-year (y-o-y) to RM70.6 billion, mainly contributed by the 12.0 per cent growth in the community banking segment, with the corporate banking and enterprise banking segments growing by 6.5 per cent and 4.7 per cent, respectively.

"Housing loans grew by 10.4 per cent, while auto finance loans rose by 7.6 per cent.

“The group’s customer deposits increased by 3.3 per cent y-o-y to RM74 billion in 9M 2024, while current account and savings account (CASA) was recorded at RM19.9 billion and the CASA ratio stood at 26.86 per cent for the period ended Sept 30, 2024," it added.

-- BERNAMA