Affin net profit up 284%

The group is targeting to maintain the same level of loans growth of 5% to 7% that is similar to what was achieved last year, group chief executive officer Kamarul Ariffin Mohd Jamil said after its AGM here yesterday.

PETALING JAYA: At a time when banking earnings are under pressure due to a subdued sector outlook, Affin Holdings Bhd saw its net profit surge 284% to RM115.56mil in the first quarter ended March 31.

The banking group said its financial performance was boosted by lower allowance for loan impairment and higher loan recoveries. It had also seen a higher share of profit in associates, as well as an increase in both net interest income and Islamic banking income.