Affin Bank Q3 net profit falls to RM48.72m

KUALA LUMPUR, Nov 27 — Affin Bank Bhd’s net profit for the third quarter (Q3) ended September 30, 2020 fell to RM48.72 million from RM72.40 million posted in the same quarter last year.

Revenue however rose to RM694.20 million from RM474.26 million previously, it said in a filing with Bursa Malaysia today.

For the first nine months ended September 30, 2020 (9M 2020), the group’s net profit stood at RM239.69 million on the back of a turnover of RM1.84 billion, compared with a net profit of RM365.66 million on a turnover of RM1.44 billion previously.

Affin Bank said the 27.2 per cent increase in turnover in 9M 2020 was driven by higher net gain on financial instruments of RM403.9 million, higher Islamic banking income of RM49.9 million and higher net fee and commission income of RM49.3 million.

President and group chief executive officer Datuk Wan Razly Abdullah Wan Ali said the bank will continue to manage its credit risk by providing appropriate temporary relief to customers who have been most affected by the Covid-19 pandemic.

“We also want to ensure that we have adequate loan loss reserves to protect the bank from asset quality weakness during this pandemic,” he said.

In addition to its existing F.A.I.R (Financial Assistance Installment Relief) programme, the bank also offers financial relief programmes including Penjana SME Financing Scheme and Penjana Tourism Financing to help alleviate repayment and cash flow issues.

“The bank remains committed to supporting the financial well-being of its customers and to help ensure their business sustainability.

“The bank has also introduced its new financial and wealth planning segment on November 11 known as Affin Avance for mass affluent segment of forward thinking on-the-go professionals, with personalised services,” Affin Bank said. — Bernama

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