Affin Bank CEO expects timely resolution in board, Boustead and Sarawak govt shareholding talks

By DayakDaily Team

KUCHING, May 21: Affin Bank Berhad is awaiting developments on the shareholding changes between the Armed Forces Fund Board Lembaga (LTAT) and Boustead Holdings Bhd with the Sarawak government.

The bank’s president and Group chief executive officer Datuk Wan Razly Abdullah expressed hope that these negotiations would conclude soon.

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For the first quarter ended March 31, 2024 (1Q2024), Affin Group reported a Profit Before Tax (PBT) after zakat of RM144.0 million, marking a 110.2 per cent increase quarter-on-quarter (QoQ) compared to RM68.5 million in the preceding quarter.

However, on a year-on-year (YoY) basis, the bank’s PBT decreased by 26.6 per cent due to net interest margin compression.

The Group’s total assets grew by 14.1 percent, reaching RM107.3 billion in 1Q2024, up from RM94.1 billion in the previous corresponding period.

“The prolonged competitive pressures on deposit pricing remain a challenge.

“However, we remain focused on expanding our CASA franchise and high-margin businesses while optimising costs, which are encapsulated in our Affin Axelerate 2028 (AX28) plan. We are encouraged that our new Mobile Banking app, launched in October 2023, has garnered over RM400 million in CASA deposits,” Wan Razly said in a press statement today.

The bank’s high-margin businesses have also shown growth, particularly in the personal financing segment growing 27.1 per cent YoY to RM6.1 billion, he added.

With the credit card segment grew 23.4 per cent YoY to RM461.5 million, the bank is planning to introduce various innovative products and digital initiatives this year. — DayakDaily

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