PETALING JAYA: Affin Bank Bhd’s net profit for the second quarter ended Jun 30, 2022 (Q2’22) grew 24.6% to RM146.91 million from RM117.95 million last year’s corresponding quarter mainly due to higher net interest income and Islamic banking income.
Its revenue increased marginally to RM579.19 million from RM578.90 million year-on-year.
For the first six months, Affin Bank’s net profit expanded 55% to RM289.59 million from RM186.89 million in the same period last year attributed to higher net interest income and Islamic banking income due to stronger loans and financing growth and lower allowance for impairment losses. However, revenue decreased 0.8% to RM1.11 billion from RM1.12 billion.
As of June 30, 2022, the group’s total loans, advances and financing grew 15.0% to RM55.4 billion contributed mainly by the 21.6% growth in the community banking segment. Housing loans grew 22.5%, whilst auto finance loans rose by 11.4%. The gross impaired loan ratio for the group recorded improved to 2.28% as compared to 3.27% as at June 30, 2021.
President & group CEO Datuk Wan Razly Abdullah said it remains cautious given the challenging macro and geopolitical environment.
“We are continuously ensuring our liquidity, credit quality and capital reserve levels remain sufficient to weather these uncertain times. We will be introducing new and enhanced services including a new mobile banking app scheduled to be launched in October 2022,” he said in a statement.