KUALA LUMPUR: Shareholders of Affin Group approved all ten resolutions tabled at the bank’s 49th Annual General Meeting (AGM) today.
The group said in a statement that the AGM was chaired by Affin Bank Bhd chairman Datuk Agil Natt and attended by the board of directors, the president and group chief executive officer (CEO), as well as members of senior management.
Its president and group CEO, Datuk Wan Razly Abdullah, said that in line with Affin’s growth journey and to reward shareholders, the bank is proposing a bonus issue on the basis of one new share for every 18 existing shares held.
"This bonus issue is a mechanism to distribute the 2024 profit to all shareholders, enabling them to participate in the group’s long-term value creation.
"The move comes amid strong demand for Affin shares, which remain tightly held, and reflects our confidence in our strategic direction and digital-first agenda. We have seen the entry of foreign shareholders into Affin, with foreign funds acquiring up to four per cent of the group’s total shares,” he added.
In February, the group reported a profit before tax (PBT) of RM701.0 million for the financial year ended Dec 31, 2024 (FY2024), a 35.3 per cent increase from RM518.3 million in FY2023, alongside an 8.1 per cent year-on-year growth in loans and financing to RM72.0 billion, with total assets reaching RM111.8 billion as of Dec 31, 2024.
Wan Razly noted that the group’s achievements were delivered despite ongoing macroeconomic and industry headwinds.
"Financial year 2024 was shaped by interest rate volatility, regulatory shifts, and heightened competition. Yet, we remained focused on executing our AFFIN Axelerate 2028 (AX28) Plan, anchored on Unrivalled Customer Service, Digital Leadership, and Responsible Banking with Impact.
"On regional growth, Affin has seen encouraging market response, with increased account openings, and we plan to capitalise on this momentum to expand our market presence across retail banking, stockbroking, insurance, and commercial and corporate lending,” he said. - Bernama
