by ASILA JALIL / pic by TMR FILE
AFFIN Bank Bhd is seeing progress under its metamorphosis plan called AIM22, among which include the introduction of its new segment for customers and the launch of its enhanced retail internet banking.
Under the AIM22 plan, the financial group had introduced new corporate banking solutions, enhanced small and medium enterprise Colony app and opened its first student lifestyle concept branch at UiTM Puncak Alam campus.
It also continuously provides financial assistance and instalment relief for customers affected by the Covid-19 pandemic.
“Despite the challenging pandemic situation, the group continues to progress and achieve milestones in our metamorphosis plan.
“These achievements could not have happened without the support and trust of our valued customers and the strength of our team members who remain resilient throughout these challenging times.
“The bank remains committed in s upporting the financial wellbeing and business continuity of our valued customers,” its CEO and president Datuk Wan Razly Abdullah Wan Ali said at Affin’s virtual AGM.
Affin’s AIM22 for financial year 2020 (FY20) until FY22 underscores key focus areas, including equity focus, lowering the overall cost of the fund by re-engineering the balance sheet, digital transformation to reduce the bank’s gap with its peers, focus on people and productivity, and improve risk management through enhanced asset quality management, liquidity risk and capital management initiative.
The group registered a 44.2% year-on-year (YoY) drop in its net profit to RM68.9 million in its first quarter ended March 31, 2021 (1Q21), due to lower non-interest income and higher operating expenses.
Profit before tax after zakat also dropped by 37.9% YoY to RM108.2 million in 1Q21 on lower gains from treasury assets and additional provision overlays due to the prolonged Covid-19 pandemic.