Affin Bank Q3 net profit higher at RM872.m

KUALA LUMPUR, Nov 25 — Affin Bank Bhd’s net profit jumped to RM872.37 million for the third quarter ended Sept 30, 2022 from RM133.20 million a year ago.

Revenue for the quarter under review soared to RM1.62 billion against RM552.49 million a year earlier.

For the nine months ended Sept 30, 2022, its net profit rose to RM1.16 billion from RM320.09 million a year ago while revenue advanced to RM2.73 billion from RM1.67 billion previously.

“Net interest income for the nine-month period increased by RM101.1 million or 15.5 per cent to RM755.2 million compared to the previous corresponding period of RM654.1 million mainly due to loan/financing and financial investment growth in 2022.

“Income from Islamic banking operations recorded an increase of RM113.8 million or 29.2 per cent to RM503.6 million year-on-year due to strong growth in financing,” the bank said in a filing with Bursa Malaysia today.

In a separate statement, president and group chief executive officer Datuk Wan Razly Abdullah said the group continued to show significant improvement in gross impaired loan (GIL) ratio as GIL decreased further to under 2 percent versus 3.14 per cent over the first nine months of 2021 due to strong recovery efforts and tighter underwriting standards.

The statement said the group will continue to strengthen its reserves. Under its transformation plan, the group aims to achieve a 10 per cent return on equity, drive revenue growth and double its customer base to 2 million by 2025 by focusing on retail community banking and SME enterprise banking.

It will also push its digitalisation plan which will see a rise in its information technology capital expenditure to about RM330 million in 2023 from RM316 million this year. — Bernama