Affin Bank president and group CEO Datuk Wan Razly Abdullah
KUALA LUMPUR: Affin Bank Bhd recorded a stronger bottomline on the back of a jump in non-interest income in the nine months period ended Sept 30, 2024 (9MFY24).
In its results announcement, the group said net profit for the third-quarter rose to RM145.82mil from RM100.45mil in the year-ago quarter, translating to earnings per share of 6.07 sen against 4.38 sen previously.
It reported revenue of RM612.77mil, as compared to RM500.44mil in the previous corresponding quarter.
Over the nine-month period, meanwhile, the group said net profit was RM374.61mil on revenue of RM1.61bil, which compares to net profit of RM362.66mil and revenue of RM1.5bil in 9MFY23.
"Our results for this quarter highlight the progress we are making towards our AX28 Plan strategic pillars - Unrivalled Customer Service, Digital Leadership, and Responsible Banking With Impact.
"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," said president and group CEO Datuk Wan Razly Abdullah.
In its financial breakdown, the group said non-interest income for the period was RM513.3mil, a 14.2% jump from RM449.6mil in the year-ago period.
Net interest income dipped 0.8% to RM600.7mil compared to the previous financial period of RM605.6mil.
Meanwhile, the group's Islamic banking arm, Affin Islamic Bank Bhd, reported a pre-tax profit of RM202.7mil, which was a 7.3% decrease due to higher operating expenses.
Affin Bank said operating expenses increased to RM1.2bil in 9MFY24 as compared to RM1.02bil in the previous year. The cost-to-income ratio rose to 74.6%, up from 68.1% in 9M23.
As of 9M24, the group’s total loans, advances and financing grew by 9.9% year-on-year (y-o-y) to RM70.6bil, mainly contributed by the 12% growth in the community banking segment, with the corporate banking and enterprise banking segments growing 6.5% and 4.7%, respectively.
On deposits, the group’s customer deposits increased 3.3% y-o-y to RM74bil in 9M24.
Casa (current account/savings account) stood at RM19.9bil and the Casa ratio was 26.86% for the period ended Sept 30, 2024.
