AEON BANK'S ISLAMIC DIGITAL BANK TO BREAK-EVEN IN FIVE YEARS -- AEON CREDIT

KUALA LUMPUR, June 20 (Bernama) -- Aeon Bank (M) Bhd’s newly launched Islamic digital bank is expected to reach its break-even point within five years, according to Aeon Credit Service (M) Bhd.

Aeon Credit managing director Daisuke Maeda said despite the competition among digital banks, the new product has received positive feedback from depositors.

“We have a strong market presence. Aeon shopping malls are well-known throughout the country, and Aeon Credit has a large customer base.

“This gives us a significant advantage in offering attractive financial products," he said at a press conference following Aeon Credit’s 27th Annual General Meeting today.

Last month, Aeon Bank, which is jointly owned by Aeon Financial Service Ltd and Aeon Credit, launched its first Islamic digital bank in Malaysia, aiming to provide safe, simplified and inclusive Shariah-compliant digital banking solutions to Malaysians.

Meanwhile, in a separate statement, Aeon Credit announced its revenue increased by 16.6 per cent to RM1.91 billion in financial year 2024 (FY2024) ended Feb 29, 2024, from RM1.64 billion recorded in FY2023.

This was driven by its transaction and financing volume which increased by 16.9 per cent year-on-year to RM7.30 billion.

"Consequently, profit before tax rose to RM565.17 million, while profit after tax reached a new high of RM424.02 million," it said.

Moving forward, Aeon Credit chairman Ng Eng Kiat said the company would strive to achieve good financial results in the coming years.

“It largely depends on the macroeconomic environment, we will do our best to achieve good results and the last five years have demonstrated that we are able to maintain our performance," he added.

-- BERNAMA