Affin Bank's FY21 net profit soars to RM526.93mil

Affin Bank president and group chief executive officer Datuk Wan Razly Abdullah Wan Ali

KUALA LUMPUR: Affin Bank Bhd’s net profit for the financial year ended Dec 31, 2021 (FY2021) surged 129 per cent to RM526.93 million from RM230.32 million in the preceding year.

Revenue, however, decreased slightly to RM2.24 billion from RM2.26 billion previously, it said in a filing with Bursa Malaysia today.

The group's profit before tax (PBT) after zakat was 82 per cent higher year-on-year (y-o-y) at RM703.9 million driven by higher net interest income of 16.4 per cent y-o-y, higher net fee and commission income of 16.2 per cent y-o-y, and higher income from Islamic Banking business of 14.2 per cent y-o-y.

For the fourth quarter ended Dec 31, 2021 (Q4 FY2021), the banking group's net profit returned to the black at RM206.85 million from a loss of RM9.36 million in the same period in the preceding year while revenue declined marginally to RM572.13 million from RM620.80 million previously.

President and group chief executive officer Datuk Wan Razly Abdullah said that in 2021, Affin Group’s key focus was on re-engineering its balance sheet, launching new products, improving asset quality and assisting customers during this challenging period.

"We have now built up the capacity to begin a new chapter in 2022 as we continue with our mission to provide unrivalled customer service and digital leadership.

"This year will see us increasing our momentum in terms of what we plan to achieve in our business transformation strategy (AIM22),” he added. - Bernama