KUALA LUMPUR: Affin Bank Bhd's net profit expanded 45.2 per cent year-on-year to RM145.82 million in the third quarter ended Sep 30, 2024 (Q3 2024) versus RM100.45 million in Q3 2023 on higher interest income and income from Islamic banking business.
Revenue for the quarter under review rose 22.4 per cent YoY to RM612.77 million from RM500.44 million in the same period last year.
For the cumulative nine-month period, the lender's net profit rose to RM374.61 million from RM362.66 million a year ago attributed to higher non-interest income and income from Islamic banking business by RM63.6 million and RM53.8 million respectively.
Its revenue for the period stood at RM1.61 billion versus RM1.5 billion in the same period last year.
Total assets grew to RM112.1 billion, up 9.7 per cent from RM102.1 billion in the corresponding period, reflecting continued business growth.
"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,"president and group chief executive officer Datuk Wan Razly Abdullah in a statement.
"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," he said.
"The launch of our exclusive private banking segment, AFFIN Diventium, September 3, further diversifies our business model and caters to the sophisticated needs of very-high-net worth Individuals."
"This strategic move will contribute to AFFIN Group's business momentum," he added.
For the 9MFY24, Affin's net interest income (NII) dropped 0.8 per cent to RM600.7 million while Affin Islamic Bank Bhd reported a 7.3 per cent decline in pre-tax profit to RM202.7 million due to higher operating expenses.
Gross impaired loan ratio for the group stood at 1.74 per cent as compared to 1.84 per cent a year ago.
The group's total loans, advances and financing grew 9.9 per cent YoY to RM70.6 billion, mainly contributed by the 12 per cent growth in the community banking segment, with the corporate banking and enterprise banking segments grew 6.5 per cent and 4.7 per cent, respectively.
Current account saving account (CASA) recorded at RM19.9 billion and CASA ratio stood at 26.86 per cent for the period.
Affin Bank's share price was down 0.35 per cent or one sen to RM2.84 at midday, bringing its market capitalisation to RM6.82 billion.