KUALA LUMPUR: AFFIN HOLDINGS BHD [] posted net profit of RM111.70 million in the second quarter ended June 30, 2010, up 24.4% from RM89.81 million a year ago, underpinned by an increase in net interest income, other operating income and Islamic banking income totalling RM54.1 million.
It said on Friday, Aug 20,that lower allowance for impairment on loans, advances and financing of RM27.1 million and lower amount transferred to profit equalisation reserve of RM3.4 million also contributed to the increase in profit.
Revenue increased by 9% to RM534.60 million from RM490.60 million previously while earnings per share were 7.48 sen versus 6.01 sen.
No dividend was proposed for the current financial quarter. Its net asset per share stood at RM3.38 as at June 30.
For the six months ended June 30, 2010 (1H10), net profit increased by 36.2% to RM247.03 million from RM181.40 million in the previous corresponding period while revenue rose 6.5% to RM1.05 billion from RM989.58 million.
The group chalked up profit before tax of RM331.63 million in 1H10, up 36.4% from RM243.17 million in the same half last year. The record 1H10 profit before tax was driven by a combination of strong operating income growth (+9.0% YoY) coupled with prudent cost management (+3.8% YoY) as well as lower impairment allowance (-46.1% YoY).
"The improved profitability of the group is evident from the continued decline in cost-to-income ratio, which slid to 46.8% in 1H10 from 49.1% in 1H09," it pointed out.
For 1HFY10, Affin said its gross loan outstanding increased by a strong 9.6%, or an annualized growth rate of 19.2%. Meanwhile, customer deposits also expanded, by an almost equally strong pace of 8.4% in 1HFY10, or an annualized growth rate of 16.8%.
On its prospect, AFFIN chairman Tan Sri Mohd Zabidi Zainuddin said: 'We are pleased by our strong results thus far having delivered exceptional double digit growth for the first six months of the financial year. This is testament to the fact that we have much upside potential given the nimble nature of the group.'
He said the growth of its banking sector was good and had been on an uptrend these past few years, adding that there were plans to expand further and strengthen the bank's position locally and abroad, in light of its proposed acquisition of PT Bank Ina Perdana in Indonesia.
'The growth of the global economy for the second half of the year is likely to moderate due to the uncertainties of the global market conditions and we remain cautiously optimistic of our business moving forward' noted Zabidi.
Affin's share price shed one sen to close at RM3.05 with 415,600 shares traded on Friday, Aug 20.
It said on Friday, Aug 20,that lower allowance for impairment on loans, advances and financing of RM27.1 million and lower amount transferred to profit equalisation reserve of RM3.4 million also contributed to the increase in profit.
Revenue increased by 9% to RM534.60 million from RM490.60 million previously while earnings per share were 7.48 sen versus 6.01 sen.
No dividend was proposed for the current financial quarter. Its net asset per share stood at RM3.38 as at June 30.
For the six months ended June 30, 2010 (1H10), net profit increased by 36.2% to RM247.03 million from RM181.40 million in the previous corresponding period while revenue rose 6.5% to RM1.05 billion from RM989.58 million.
The group chalked up profit before tax of RM331.63 million in 1H10, up 36.4% from RM243.17 million in the same half last year. The record 1H10 profit before tax was driven by a combination of strong operating income growth (+9.0% YoY) coupled with prudent cost management (+3.8% YoY) as well as lower impairment allowance (-46.1% YoY).
"The improved profitability of the group is evident from the continued decline in cost-to-income ratio, which slid to 46.8% in 1H10 from 49.1% in 1H09," it pointed out.
For 1HFY10, Affin said its gross loan outstanding increased by a strong 9.6%, or an annualized growth rate of 19.2%. Meanwhile, customer deposits also expanded, by an almost equally strong pace of 8.4% in 1HFY10, or an annualized growth rate of 16.8%.
On its prospect, AFFIN chairman Tan Sri Mohd Zabidi Zainuddin said: 'We are pleased by our strong results thus far having delivered exceptional double digit growth for the first six months of the financial year. This is testament to the fact that we have much upside potential given the nimble nature of the group.'
He said the growth of its banking sector was good and had been on an uptrend these past few years, adding that there were plans to expand further and strengthen the bank's position locally and abroad, in light of its proposed acquisition of PT Bank Ina Perdana in Indonesia.
'The growth of the global economy for the second half of the year is likely to moderate due to the uncertainties of the global market conditions and we remain cautiously optimistic of our business moving forward' noted Zabidi.
Affin's share price shed one sen to close at RM3.05 with 415,600 shares traded on Friday, Aug 20.
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