KUALA LUMPUR – Affin Bank Bhd recorded a lower net profit of RM68.94 million for the first quarter ended March 31, 2021 (Q1 2021), compared with a net profit of RM123.57 million in the same period last year.
Revenue fell to RM537.63 million from RM624.80 million previously, the group said in a filing with Bursa Malaysia today.
It said the lower profit was attributed largely to lower gains from treasury assets compared with the previous year and additional provision overlays due to the prolonged Covid-19 pandemic.
“This was cushioned by a higher net interest income and income from the Islamic banking business which grew by 11.1% and 7.7%, respectively,” it said.
President and group chief executive officer Datuk Wan Razly Abdullah Wan Ali said the group is mindful of the ongoing downside risks due to the pandemic that could pose disruptions to the banking business.
“Prudent risk management practices and cost containment measures will remain in the group’s business strategy to withstand any uncertainties and respond to any changes in the operating environment.
“The group will also ensure its capital position is strong to safeguard from any financial distress caused by the pandemic,” he said. – Bernama, May 25, 2021
