KUCHING: AFFIN Group reported a 10 per cent increase in Profit Before Tax (PBT) after zakat to RM494.7 million for the nine months ended Sept 30, 2024, compared to RM449.7 million in the same period last year.
Total assets grew by 9.7 per cent to RM112.1 billion, reflecting the group’s continued business expansion.
“Our results highlight the progress we are making towards our AX28 Plan strategic pillars,” said Datuk Wan Razly Abdullah, President & Group Chief Executive Officer of Affin Bank Berhad in a statement.
“The Group’s transformative journey sets us on a positive trajectory for sustainable growth, even amid macroeconomic and geopolitical challenges.”
Affin Group’s new private banking segment, AFFIN Diventium, launched on Sept 3, is expected to further enhance business growth by catering to very high-net-worth individuals.
While Net Interest Income (NII) experienced a slight decrease of 0.8 per cent to RM600.7 million, Noninterest Income saw a significant increase of 14.2 per cent to RM513.3 million.
Affin Group’s asset quality has improved, with the Gross Impaired Loan (GIL) ratio decreasing to 1.74 per cent from 1.84 per cent in the same period last year.
The group’s strong capital position remains intact, with Total Capital, Tier 1 Capital, and Common Equity Tier 1 (CET1) capital ratios well above regulatory requirements.
Liquidity Coverage Ratio also remains robust at 159.89 per cent.
The group’s loan portfolio has expanded, with total loans, advances, and financing increasing by 9.9 per cent to RM70.6 billion.
Customer deposits have also grown by 3.3 per cent to RM74.0 billion.
Despite the positive performance, the group’s operating expenses increased to RM1,202.6 million, leading to a higher Cost-to-Income ratio of 74.6 per cent.
