Affin Bank posts RM143m net profit

by TMR / pic BLOOMBERG

AFFIN Bank Bhd has recorded a more than 100% increase in its net profit to RM142.69 million in the first quarter ended March 31, 2022 (1Q22), from RM68.94 million in 1Q21.

The performance is attributable to improved income from net interest, Islamic banking, net fee and commission and allowance for impairment losses.

In an exchange filing, the bank said its revenue decreased to RM528.82 million from RM537.63 million previously.

“While there are currently strong headwinds for the first part of 2022, the group believes that there is potential for business growth as the Malaysian economy revives from the Covid-19 pandemic. We will continue to improve our operational efficiency and harness group-wide synergy to achieve sustainable growth despite the challenging and competitive operating environment,” Affin Bank president and CEO Datuk Wan Razly Abdullah Wan Ali said in a separate media statement on Friday.

“Based on the group’s AIM22 plan, we are substantially on track with our 1Q numbers. We are optimistic that our action plans in the remaining nine months will result in the group achieving its financial targets for 2022. The group is getting stronger and we aim to be more resilient to withstand market volatility,” he added.