Af­fin Hold­ings Q1 profit rises 5pc to RM123.2m

New Straits Times - - Business / News -

KUALA LUMPUR: Af­fin Hold­ings Bhd’s profit for the first quar­ter ended March 31 this year grew five per cent to RM123.2 mil­lion from RM117.8 mil­lion in the same quar­ter last year,

The in­crease was due to im­proved op­er­at­ing in­come, Is­lamic bank­ing in­come and net in­ter­est in­come to­tal­ing RM82.7 mil­lion.

This lead to Af­fin’s earn­ings per share ris­ing to 6.19 sen from 5.95 sen in the same three months a year ago.

In a fil­ing with Bursa Malaysia yes­ter­day, Af­fin said its to­tal cap­i­tal ra­tio, com­mon eq­uity Tier-1 cap­i­tal ra­tio and Tier 1 cap­i­tal ra­tio of all its sub­sidiaries re­mained at healthy lev­els well above Bank Ne­gara Malaysia’s min­i­mum reg­u­la­tory re­quire­ments.

Af­fin Bank Bhd was a key con­trib­u­tor to Af­fin Hold­ings’ over­all re­sults, achiev­ing a pre-tax profit of RM125.3 mil­lion in the first quar­ter com­pared with RM123.1 mil­lion pre­vi­ously.

Af­fin Hwang In­vest­ment Bank Bhd’s pre-tax profit af­ter za­kat was RM40.7 mil­lion for the quar­ter un­der re­view com­pared with RM24.3 mil­lion pre­vi­ously, thanks to higher trad­ing ac­tiv­i­ties in the fixed in­come and eq­ui­ties mar­kets.

Op­er­at­ing in­come in­creased by al­most 50 per cent with fee in­come re­mained as the main in­come con­trib­u­tor.

Af­fin Hwang IB’s unit, Af­fin Hwang As­set Man­age­ment Bhd, con­trib­uted to the stronger per­for­mance with a pre-tax profit of RM15.1 mil­lion.

AXA Af­fin Life In­sur­ance Bhd posted a lower pre-tax loss of RM5.3 mil­lion com­pared with a pre-tax loss of RM11.6 mil­lion in the first quar­ter of last year due to higher in­vest­ment in­come and lower re­serves for fu­ture pol­i­cy­hold­ers’ li­a­bil­i­ties.

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