KUALA LUMPUR, Nov 14 — RAM Rating Services Bhd (RAM Ratings) has upgraded the long-term rating of Affin Bank Bhd and its subsidiaries, Affin Islamic Bank Bhd and Affin Hwang Investment Bank Bhd, from AA3 negative to AA3 with a stable outlook.
In a statement today, Affin Bank president and group chief executive officer Datuk Wan Razly Abdullah said that the rating upgrade reflects Affin Bank’s continued growth and validates its AIM22 metamorphosis plan.
“Our financial performance continues to remain resilient for the first half of 2022 and our ongoing operational improvement initiatives have produced outstanding results.
“We registered a profit before tax after zakat of RM408.5 million for the six months ended June 30, 2022, a 44.7 per cent increase compared to the same period last year,” he said.
In addition, Wan Razly said the banking group has been rigorously building its brand, strengthening its presence and investing in technology over the last two years as part of the AIM22 metamorphosis plan, which concludes at the end of this year.
The bank is embarking on the next phase of its transformation plan called A25, focusing on the three pillars, namely to provide unrivalled customer service, digital leadership, and responsible banking with impact.
Affin Bank aims to achieve a 10 per cent return on equity, drive revenue growth and double its customer base to two million, he said.
“We are confident that all these efforts will contribute towards transforming Affin Bank into a more progressive and modern bank,” he added. — Bernama
