Affin Bank posts RM143m net profit


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.


Recent Posts

Credit Suisse’s collapse reveals some ugly truths about Switzerland for investors

For decades, Switzerland has sold itself as a haven of legal certainty for bond and…

2 hours ago

The 11 days of turmoil that brought down four banks and left a fifth teetering

The speed with which four banks collapsed — and one continues to struggle — has…

2 hours ago

SVB’s Greg Becker was Silicon Valley’s money man for 30 years, until suddenly he wasn’t

Early on March 9, as SVB Financial Group’s stock began its death spiral, Chief Executive Officer…

2 hours ago

Google opens Bard AI chatbot to the public

Alphabet Inc.’s Google is granting the public access to its ChatGPT competitor, the conversational AI…

3 hours ago

West Bank settlers win Israel parliament vote

JERUSALEM – Israel's settler movement celebrated Tuesday after parliament annulled part of a law banning them…

5 hours ago

Thai election to be held May 14: commission

BANGKOK – Thailand's general election will be held on May 14, authorities confirmed Tuesday, as…

6 hours ago