Affin Bank earnings jump to RM503m
KUALA LUMPUR: Affin Bank Bhd’s net profit increased 20.4 per cent to RM503.09 million in the financial year ended December 31 2018 from RM417.86 million previously.
In a statement, Affin said the improved performance was mainly due to higher net fee and commission income, Islamic banking income, net gain on financial instruments and other income.
Revenue in the same period rose 23.1 per cent to RM1.92 billion, from RM1.56 billion before.
Affin said the bank would continue its growth path with Affinity Programme this year.
“In addition, the reorganisation of the group, which was completed in February last year, is expected to strengthen its synergy.
“Leveraging the group’s infrastructure, the bank will continue to strengthen its existing offerings, accelerate the development of its digital banking solution and further improve its innovativeness to meet customers’ requirement,” it said.
Affin said its strategic focus for this year would remain on retail and business banking segments, especially the small and medium enterprise (SME) segment, as well as transactional banking.
“The bank will also be focusing on brand visibility, compliance requirements, improving asset quality and liquidity management.
“Given the expansion of the SME segment is pivotal to Malaysia’s economic growth, Affin is placing greater emphasis in this area,” it said.
The group said it was committed to upgrading its capabilities and operating efficiencies, especially on digital front to enrich customer experience.
“The group will continuously strive to maximise synergistic value and put in place more strategies to drive to the next phase of growth and meet the ever-changing business environment and the requirements.
“Going forward, the group remains positive on the industry outlook and will continue to build resilience across its businesses and drive efficiency savings in its operations, with collaborative efforts to better serve its enlarged clientele,” said Affin.