Affin posts PBT of RM195.48m in Q2
KUALA LUMPUR, Aug 17 — AFFIN Holdings Bhd’s pre-tax profit for the second quarter ended June 30, 2012, increased to RM195.48 million from RM177.942 million in the corresponding period of last year.
Revenue for the quarter rose to RM735.674 million from RM648.495 million.
For the half-year period, AFFIN’s profit before tax rose 28.7 per cent to RM409.424 million, compared with the RM318.244 million registered for the same period last year.
In a statement, AFFIN said the group’s profit growth for the half-year period was mainly due to an increase in net interest income attributed to the loans growth during the period, higher fee based income and treasury income as well as a higher share of profit in an associate company.
The improvement in the overall asset quality of the group also resulted in a lower allowance for impairment for the half-year period, it said.
AFFIN’s gross loans outstanding increased by a strong annualised growth rate of 12.9 per cent during the half-year under review.
The loan-to-deposit ratio was stable at 81.6 per cent as at June 30, 2012 compared with 79 per cent as at December 31, 2011.
AFFIN’s gross impaired loans ratio improved to 2.55 per cent from 2.84 per cent as at December 31, 2011 and is comparable to the industry’s average.
The impaired loan loss coverage stood at 68.3 per cent from 72.8 per cent as at the end of December 2011.
AFFIN said its core capital ratio and risk-weighted capital ratios were healthy at 10.6 per cent and 13.3 per cent respectively as at June 30, 2012.
AFFIN Bank Bhd Group continued to be the major contributor to the AFFIN Group’s bottom line, contributing a commendable profit before tax of RM342.2 million for the half-year, compared with the RM280.6 million recorded in the same period of the previous year, an increase of 22 per cent.
The key contributing factors for the improvement were an increase in other operating income totalling RM26.8 million, and an increase in net interest income by RM7.1 million due to the loans growth of RM2.2 billion for the period under review, AFFIN said.
In addition, the improved performance was partly contributed by a write-back of allowance for loan impairment amounting to RM9.6 million, compared with a charge of RM25.8 million in the same period of the previous year.
AFFIN Investment Bank Berhad (AIBB) Group recorded a nine per cent increase in profit before tax at RM42.4 million, compared with RM38.9 million for the same period of the preceding year.
AFFIN Fund Management Berhad, a wholly-owned subsidiary of AIBB, achieved a higher pre-tax profit of RM6.5 million compared with the RM5.2 million, recorded in the corresponding period last year.
Its assets under management grew 21.6 per cent to RM1.04 billion from RM855 million as at December 2011.
AFFIN Moneybrokers Sdn Bhd recorded a lower profit of RM1.4 million for the half-year period compared with RM1.6 million for the same period of the previous year, primarily as a result of higher overhead expenses, net of higher net brokerage income.
AXA AFFIN Life Insurance Berhad (AALIB) posted a lower loss before tax of RM1.6 million for the half-year 2012, as compared with the loss before tax of RM9 million recorded in the same period of the previous year, primarily attributable to the recognition of a lower deficit of the Non-Participating Fund (NPF) of RM7.6 million.
In the first half of 2012, AXA AFFIN General Insurance Berhad (AAGIB), a 33.6 per cent associate of AFFIN, delivered a considerably significantly higher pre-tax profit of RM74.6 million, compared with the RM3.3 million achieved in the previous year. — Bernama