Affin Bank nets half a billion ringgit profit in 2018

  • Banking
  • Thursday, 28 Feb 2019

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.

KUALA LUMPUR (Bernama): Financial group conglomerate, Affin Bank Bhd's net profit for the financial year ended Dec 31, 2018 (FY18) rose 20.4% to RM503mil from RM417.8mil in FY17.

Revenue was 23% higher at RM1.92bil versus RM1.56bil previously.

For the fourth quarter of FY18 (4Q18) , net profit was lower at RM143.75mil compared with RM169.53mil recorded in 4Q17, while revenue stood at RM453.55mil versus RM534.7mil previously.

In a statement today, the bank said it would focus on both the retail and business banking segments, especially in the small and medium enterprises (SME) segment as well as transactional banking, for FY19.

Affin Bank said it would also focus on brand visibility, compliance requirements, improving asset quality and liquidity management.  Meanwhile, it said Affin Islamic Bank would continue to focus on profitable growth and operating efficiencies for FY19.

The bank's life insurance segment aims to provide financial protection through traditional distribution methods, digital and partnerships.

“This will allow AXA-Affin Life Insurance Bhd to reach out to different segments of the market with the aim of being the preferred health and protection insurer in Malaysia,” it added.

Overall, the group said it was committed to upgrading its capabilities and operating efficiencies,  specifically on the digital front in enriching the customer experience.

It said it would continuously strive to maximise synergistic value within the group and put in place more strategies to drive it to the next phase of growth and meet the ever-changing business environment and the requirements.

On prospects, the group remained positive on the industry outlook and would continue to build resilience across its business and drive efficiency savings in its business operations, with collaborative efforts to better serve its enlarged clientele by focusing on the client experience.

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