Affin Bank's Profit Up 26.7 Pct In 2024 Amid Higher Income, Write-back Of Impairment Losses

KUALA LUMPUR, Feb 25 (Bernama) -- Affin Bank Bhd’s net profit increased 26.7 per cent to RM509.70 million for the financial year ended Dec 31, 2024 (FY2024) from RM402.19 million in the preceding year due to a higher income as well as higher write-back of credit impairment losses by RM229.6 million.

Revenue also improved to RM2.17 billion versus RM1.99 billion previously, the bank said in a filing with Bursa Malaysia today.

Affin Bank said gross loans and financing saw a year-on-year growth of 8.1 per cent to RM72 billion from RM66.7 million as of Dec 31, 2023.

Customer deposits increased by 4.1 per cent to RM73.7 billion, while the current account and savings account (CASA) ratio continued to improve to 30.4 per cent as of Dec 31, 2024, compared to 26.7 per cent a year earlier.

Meanwhile, for the fourth quarter ended Dec 31, 2024, the group achieved a net profit of RM135.10 million, up from RM39.53 million in the preceding year’s corresponding quarter, while revenue stood at RM557.67 million versus RM486.19 million before.

Going forward, it said the group is focused on fulfilling its Affin Axelerate 2028 (AX28) Transformation Plan which will see the group and the bank playing a significant role in contributing to profitability through the growth in loans/financing and current account.

No dividend has been proposed for the quarter under review.

In a media statement, Affin Bank president and group chief executive officer Datuk Wan Razly Abdullah said the group’s efforts to improve net interest margin (NIM) are showing early results, with CASA breaching its 30 per cent target.

“This is a significant milestone in strengthening our funding base. At the same time, we are advancing our digital transformation journey with the introduction of our new digital core and mobile app, launching in the first quarter of 2025, which will catapult the group’s growth in 2025,” he added.

-- BERNAMA