AFFIN Bank 4Q profit higher on improved revenue

by TMR

AFFIN Bank Bhd posted a net profit gain of 30.5% year-on-year (YoY) to RM169.54 million for the fourth quarter (4Q) ended Dec 31, 2017, in line with revenue rising 49.1% YoY to RM534.7 million.
 
For the full financial year, profit was lower by 10% YoY at RM417.85 million due to higher overhead costs and impairments recognised by the group’s commercial banking segment, its exchange filing yesterday noted.
 
The segment was hit by overhead expenses amounting to RM115.8 million and a higher allowance for loan impairment of RM47.7 million. Revenue for the full year was 18.2% YoY higher at RM1.56 billion.
 
AFFIN Bank is the result of AFFIN Holdings Bhd transferring its entire equity interest in AFFIN Hwang Investment Bank Bhd, AFFIN MoneyBrokers Sdn Bhd, AXA AFFIN Life Insurance Bhd and AXA AFFIN General Insurance Bhd to the former.
 
As of the end of 2017, Affin Bank group had a paid-up capital of RM4.7 billion and shareholders fund of RM8.3 billion.