BUSINESS

AFFIN BANK'S 1Q NET PROFIT RISES TO RM148.98 MLN

26/05/2023 03:48 PM

KUALA LUMPUR, May 26 (Bernama) -- Affin Bank Bhd posted a higher net profit of RM148.98 million in the first quarter ended March 31, 2023 (1Q 2023) versus RM142.68 million recorded in 1Q 2022.

Revenue, however, slipped to RM494.29 million from RM528.82 million previously, it said in a filing with Bursa Malaysia.

“The group’s total loans, advances and financing grew by 14.3 per cent year-on-year (y-o-y) to RM61.2 billion, mainly contributed by the 22.4 per cent growth in the community banking segment, where housing loans grew by 23.3 per cent, while auto finance loans rose by 16.8 per cent,” it said in a separate statement.

On the deposits, Affin Bank said current account and savings account (CASA) balances stood at RM14.7 billion for 1Q 2023, contributing to a CASA ratio of 22.33 per cent.

The group’s customer deposits increased by 5.8 per cent y-o-y to RM65.9 billion as at March 31, 2023, as its CASA initiatives continue to deliver positive results, it said.

Its president and group chief executive officer Datuk Wan Razly Abdullah said the bank would continue to pursue its three-year strategy, the A25 Plan, which focuses on three strategic objectives -- unrivalled customer service, digital leadership, and responsible banking with impact, with the aim to achieve a return on equity of 10 per cent by 2025.

-- BERNAMA


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