By DayakDaily Team
KUCHING, Feb 25: Affin Group reported a Profit Before Tax (PBT) after zakat of RM701.0 million for the financial year ended Dec 31, 2024 (FY2024), marking a 35.3 per cent increase from RM518.3 million in FY2023.
Total loans and financing grew 8.1 per cent year-on-year (YoY) to RM72.0 billion, up from RM66.7 billion in the previous year, while total assets stood at RM111.8 billion as of Dec 31, 2024.
Affin Bank Berhad president and Group chief executive officer Datuk Wan Razly Abdullah attributed the strong performance to the disciplined execution of the Affin Axelerate 2028 (AX28) Plan, anchored on three pillars: Unrivalled Customer Service, Digital Leadership, and Responsible Banking with Impact.
“Affin Group continues to strengthen its foundation for long-term, sustainable growth.
“In Q4 2024, we implemented an Early Retirement Scheme, incurring a one-off cost of RM48.5 million. Excluding this, our Business-as-Usual PBT would have been RM749.5 million, reflecting a 44.6 per cent YoY increase,” he said in a statement today.
Wan Razly emphasised that the Group’s strong profit generation would be reinvested to expand its balance sheet and enhance digital capabilities.
“Our efforts to improve the Net Interest Margin (NIM) are yielding results, with CASA surpassing our 30 per cent target—a key milestone in strengthening our funding base. Simultaneously, we are advancing digital transformation with the upcoming launch of our new Digital Core and Mobile App in Q1 2025, which will accelerate the Group’s growth,” he said.
He added that Affin Group remains focused on resilience and sustainable profitability by expanding its loan portfolio and reinforcing its asset base.
To reward shareholders, Affin Group is proposing a Bonus Issue of one new share for every 18 existing shares held.
“We have seen strong demand for our shares, which remain tightly held. The Bonus Issue will allow more shareholders to participate in our value creation. This initiative underscores our confidence in unrivalled service, digital transformation, and strong future growth prospects,” Wan Razly said. — DayakDaily
