Friday, November 18, 2011

Affin Holdings 3Q earnings up 17.5% to RM135.2m

KUALA LUMPUR (Nov 18): AFFIN HOLDINGS BHD []'s earnings rose 17.5% to RM135.19 million in the third quarter ended Sept 30, 2011 from RM115.01 million a year ago, boosted by higher write-backs and higher Islamic banking income.

The banking group said on Friday that revenue increased 13.7% to RM680.12 million from RM597.82 million a year ago while earnings per share were 9.05 sen compared with 7.70 sen. It declared an interim dividend of 12 sen a share.

Its chairman Gen (R) Tan Sri Mohd Zahidi Zainuddin said: 'We have certainly delivered a strong 3rd quarter results exceeding our expectations and we are on track to register another good year with positive growth. This is testament to the group's strength and diversity of our business model in the financial services sector.'

At the pre-tax level, Affin recorded a 44.9% increase at RM216.23 million when compared with the second quarter's RM177.90 million ended June 30.

'The improved performance was mainly due to higher write-back of allowance for loan impairment of RM49.20 million, higher Islamic banking income of RM2.8 million, lower overhead expenses of RM3.4 million.

'The net interest income and other operating income however, decreased by RM11.90 million and RM9.80 million respectively for the period under review,' it said.

For the nine-month period ended Sept 30, its revenue rose 18% to RM1.95 billion from RM1.65 billion while net interest income was 2.4% higher at RM646 million from RM630.90 million.

Profit before tax increased by 11.2% to RM534.50 million from RM480.80 million while net profit was 3.7% higher at RM375.50 million compared with RM362.10 million.

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