AFFIN Q1 NET SOARS 61.8PC TO RM146m
Improved performance driven by increase in fee and commission income, net gain on financial instruments, among others
AFFIN Bank Group’s net profit grew 61.8 per cent to RM146 million in the first quarter ended March 31 from RM90.2 million in the same period last year.
The improved performance was driven by the increase in fee and commission income, net gain on financial instruments, Islamic banking income and net interest income.
“In view of evolving customer expectations, the group has to constantly reinvent and become more agile. The reorganisation of the group was completed on October 16 last year,” said group chief executive officer Kamarul Ariffin Mohd Jamil in a statement.
The exercise saw Affin Bank become the holding company of Affin Islamic Bank Bhd, Affin Hwang Investment Bank Group (Affin Hwang IB), Affin Moneybrokers and AXA Affin Life Insurance while AXA Affin General Insurance became an associate company.
“The Affinity Transformation Programme, which encompasses all aspects of banking operations, will unleash new opportunities that will drive us into the next phase of growth,” he added.
Affin Islamic recorded an increase in operating income of RM24.5 million in the quarter under review.
Affin Islamic will continue to promote sustainable growth and operating efficiencies, and enhance its Islamic financing portfolio to 40 per cent of group portfolio by 2020, in line with Bank Negara Malaysia’s 10-year Financial Sector Blueprint.
Affin Hwang IB saw net income grow 5.3 per cent to RM132.6 million, compared with RM125.9 million in the previous year.
To further improve the bank’s operational risk management practices, Affin Bank signed an agreement with the Asian Banking School in March for a customised programme on operational risk review and scenario analysis awareness and implementation.