Affin Bank Q4 earnings jump 30.5%

28 Feb 2018 / 23:18 H.

    PETALING JAYA: Affin Bank Bhd’s net profit jumped 30.5% to RM169.5 million for the fourth quarter ended Dec 31, 2017, from RM129.95 million in the previous corresponding quarter due to higher profit from the commercial banking segment.
    Revenue for the quarter rose 49% to RM534.7 million, compared with RM358.7 million in the same period in 2016.
    For the full year, its net profit declined 9.97% to RM417.9 million, against RM464 million a year ago, while revenue grew 17.8% to RM1.56 billion, versus RM1.32 billion previously.
    On its prospects, the group said its strategic transformation plan, AFFINITY programme, remains well on track to continue achieving growth.
    It said the focus is on building digital banking capabilities with enhanced analytics for better customer engagement, expanding targeted growth segments, enhancing productivity through automation and emphasizing customer experience.
    “As the dynamics of the economy and industry continue to evolve, it is important that we put in place the right strategies, focused on efficiency, productivity and adaptability in order to differentiate ourselves and thrive,” its group CEO Kamarul Ariffin Mohd Jamil said.
    “Our new corporate structure will enhance group-wide synergy and drive us into the next phase of growth,” Kamarul added.
    Affin Bank closed six sen or 2.4% lower to RM2.44 with some 420,900 shares done.

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