RAM Rating upgrades Affin Group

PETALING JAYA: RAM Rating Services Bhd (RAM Ratings) is upgrading the long-term rating of Affin Bank Bhd and its subsidiaries, Affin Islamic Bank Bhd and Affin Hwang Investment Bank Bhd, from AA3 negative to AA3 with a stable outlook.

Affin Bank president and group chief executive officer Datuk Wan Razly Abdullah said that the rating upgrade reflects Affin Bank’s continued growth and validates its AIM22 metamorphosis plan.

“Our financial performance continues to remain resilient for the first half of 2022 and our ongoing operational improvement initiatives have produced outstanding results.

“We registered a profit before tax after zakat of RM408.5mil for the six months ended June 30, 2022, a 44.7% increase compared to the same period last year,” he said in a statement yesterday,