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

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.