Sunday, 8 December 2019

Affin Bank posts higher net profit

KUALA LUMPUR: Affin Bank Bhd reported a net profit of RM365.66 million for the nine months ended September 2019, 1.76 per cent higher than RM359.34 million a year ago.

This is mainly attributable to lower allowances for impairment losses of RM78.4 million and a net gain of RM106.3 million for its financial investments portfolio.

Group chief executive officer Kamarul Ariffin Mohd Jamil believes that the Malaysian economy holds much potential for the bank.

“The group will continuously strive to maximise synergistic value and put in place more strategies to drive the next phase of growth and meet the ever-changing business environment and requirements,” he said in a statement.

Affin’s strategic focus for the fourth quarter will remain on both retail and business banking segments, especially in the small and medium enterprises segment, he added.

For the first nine months of 2019, the bank’s net interest income decreased RM81.9 million , in line with the reduction in financial investments at fair value through other

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