Affin Bank revenue up 18%, but profits down by half

 

Affin Bank said its cost-to-income ratio improved to 57% this year.

KUALA LUMPUR: Affin Bank Bhd posted a lower net profit of RM230.32 million for the financial year ended Dec 31 against RM487.77 million in the preceding year.
Revenue, however, increased to RM2.26 billion from RM1.91 billion previously, an 18.3% rise mainly contributed by higher operating income, Islamic banking income and net interest income.

In a filing with Bursa Malaysia, president and group chief executive Wan Razly Abdullah Wan Ali said the cost to income ratio improved to 57% this year from 63% in 2019 with increasing number of new to bank customer acquisitions.

For the fourth quarter ended Dec 31, the bank recorded a net loss of RM9.37 million compared to a net profit of RM122.11 million in 2019, while revenue rose to RM620.80 million from RM482.66 million.

The bank has declared a dividend of 3.5 sen per share. - FMT