KUALA LUMPUR: ALLIANCE FINANCIAL GROUP BHD []'s fourth quarter earnings rose 10% to RM84.93 million from RM77.25 million a year ago due to higher net income, lower overheads and lower impairment charge.
It said on Wednesday, May 25 that revenue was RM270.53 million compared with RM277.56 million, earnings per share were 5.5 sen compared with 5.0 sen.
AFG also said the 4Q profit before taxation of RM114.4 million declined by 24.2% compared to the 3Q ended Dec 31, 2010.
'Lower profit was contributed by shorter number of days in the 4Q as well as increase in interest expenses attributable to increase in customer deposits which recorded a growth of 7.5% over the past six months.
'For the current quarter, the group also recorded RM1.5 million losses from our joint venture investment, AIA AFG Takaful Bhd, which commenced business operations in January 2011,' it said.
For the 12 months ended March 31, 2011, the group recorded profit before taxation of RM553.1 million, an increase of 35.3% compared to the corresponding period last year. The higher profit was due to higher net income, lower overheads and lower impairment charge. Net profit jumped 35.7% to RM409.20 million compared with RM301.42 million.
'For the year under review, the group registered an increase in net interest income of 14.5% due to growth in loans and financing. Gross loans and financing grew by 4.8% year-on-year to RM22.4 billion compared to RM21.4 billion as at March 31, 2010,' it said.
AFG said the gross impaired loans ratio was reduced to 3.3% as of March 31, 2011 from 3.8% as of March 31, 2010.
'Overall, the group's risk-weighted capital ratio as at March 31, 2011 remained strong at 16.1%, with its core capital ratio at 12.0% compared to the respective year-on-year comparatives of 15.4% and 11.1% as at March 31, 2010,' it said.
It said on Wednesday, May 25 that revenue was RM270.53 million compared with RM277.56 million, earnings per share were 5.5 sen compared with 5.0 sen.
AFG also said the 4Q profit before taxation of RM114.4 million declined by 24.2% compared to the 3Q ended Dec 31, 2010.
'Lower profit was contributed by shorter number of days in the 4Q as well as increase in interest expenses attributable to increase in customer deposits which recorded a growth of 7.5% over the past six months.
'For the current quarter, the group also recorded RM1.5 million losses from our joint venture investment, AIA AFG Takaful Bhd, which commenced business operations in January 2011,' it said.
For the 12 months ended March 31, 2011, the group recorded profit before taxation of RM553.1 million, an increase of 35.3% compared to the corresponding period last year. The higher profit was due to higher net income, lower overheads and lower impairment charge. Net profit jumped 35.7% to RM409.20 million compared with RM301.42 million.
'For the year under review, the group registered an increase in net interest income of 14.5% due to growth in loans and financing. Gross loans and financing grew by 4.8% year-on-year to RM22.4 billion compared to RM21.4 billion as at March 31, 2010,' it said.
AFG said the gross impaired loans ratio was reduced to 3.3% as of March 31, 2011 from 3.8% as of March 31, 2010.
'Overall, the group's risk-weighted capital ratio as at March 31, 2011 remained strong at 16.1%, with its core capital ratio at 12.0% compared to the respective year-on-year comparatives of 15.4% and 11.1% as at March 31, 2010,' it said.
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