Affin Bank Q4 profit jumps 30%

The proposed purchase price of RM180.54mil or RM11.78 a share cash will enable it to raise the shareholding from 37.07% to 49.95% comprising 59.46 million shares.

PETALING JAYA: Affin Bank Bhd’s net profit rose 30.5% to RM169.54mil for its fourth quarter ended Dec 31, 2017 from RM129.95mil in the previous corresponding period on higher income following the group’s reorganisation.

During the period in review, the second-smallest lender in Malaysia saw its revenue increasing 49% to RM534.70mil from RM358.69mil previously, while its earnings per share (EPS) rose to 9.20 sen from 7.70 sen.

For the cumulative period, Affin Bank’s net profit came in lower at RM415.86mil, compared with RM464.13mil in the financial year ended Dec 31, 2016. Consequently, its EPS fell to 24 sen last year from 27.50 sen in 2016.

The group’s total revenue, however, came in at RM1.56bil in 2017, up 17.8% from RM1.32bil in the preceding year.

In a statement, Affin group CEO Kamarul Ariffin Mohd Jamil said: “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. Our new corporate structure will enhance group-wide synergy and drive us into the next phase of growth.”

Affin said its strategic transformation plan, AFFINITY programme, remained well on track to continue achieving growth. The group was now focused on the second phase of its three-year Affinity programme initiatives to improve earnings and operating efficiencies.