Latest news with #Axelerate2028
The Star
2 days ago
- Business
- The Star
Affin Bank's 2Q net profit rises to RM143.49mil
Affin Bank Bhd president and group chief executive officer Datuk Wan Razly Abdullah KUALA LUMPUR: With 2025 bearing all the components of a "VUCA year", Affin Bank Bhd president and group CEO Datuk Wan Zazly Abdullah attributes the group's first-half performance to the effectiveness of its growth strategy under the Axelerate 2028 (AX28) Plan. "2025 continues to be a VUCA year — marked by volatility, uncertainty, complexity, and ambiguity. Success will depend on timing, execution, and strategic agility," he said in his review of the group's latest result. In the second quarter ended June 30, 2025 (2QFY25), Affin posted a net profit of RM143.49mil, up from RM118.58mil in the year-ago quarter, which lifted earnings per share to 5.66 sen from 4.76 sen previously. The group reported revenue of RM616.3mil during the quarter under review, against RM494.77mil in 2QFY24. The latest results brought the group's net profit to RM267.57mil and revenue to RM1.16bil, an improvement over net profit of RM228.79mil and revenue of RM999.31mil in the year-ago period. During the six-month period, Affin reported a net interest income (NII) of RM418.8mil, which was 8.5% higher compared to RM386mil in the previous corresponding period. Non-interest income came in at RM324.8mil, a 14.3% increase over RM284.1mil in 1HFY24. Meanwhile, Islamic banking pre-tax profit grew 24.6% to RM185.4mil, attributable to an increase in net financing income by RM80.6mil. Operating expenses during the period were slightly higher at RM799.1mil as compared to RM746.7mil in the same quarter in 2024. However, the cost-to-income (CTI) ratio dropped 74.7% year-on-year to 68.9%. "The group continues to drive cost-efficiency through targeted initiatives, such as optimising costs and enhancing workforce productivity across the organisation," said Affin on the improved CTI ratio. On balance sheet, Affin's total loans, advances and financing were up 7.3% y-o-y to RM74.1bil, driven by increases in the enterprise banking and community banking segments. During the six-month period, the group's customer deposits rose 9.8% to RM78.2bil, and its current account savings account (Casa) ratio improved to 28.2% as at June 30, 2025, from 25.9% in the same period in 2024. According to Wan Razly, the launch of Affin's mobile banking app, AffinAlwaysX, in May 2025, was instrumental to the Casa growth. "Guided by its AX28 Plan, the Group will continue leveraging its digital capabilities, expanding its Islamic and enterprise banking franchises, and pursuing strategic opportunities, both domestically and across borders to strengthen market leadership and long-term profitability," he added.
New Straits Times
24-07-2025
- Automotive
- New Straits Times
Affin offers special access to Aston Martin under new partnership
KUALA LUMPUR: Affin Group's high-net-worth customers can now enjoy exclusive pricing on Aston Martin's luxury vehicles and flexible financing of up to nine years, under a new partnership with Aston Martin Kuala Lumpur. Launched in conjunction with Affin's 50th anniversary, the offer includes selected models such as the newly launched DB12 Super Grand Tourer and the high-performance DBX707 SUV. It comes with tailored loan solutions offering margins of up to 90 per cent, making Aston Martin ownership more accessible than ever for Malaysia's discerning clientele. Affin president and group chief executive officer Datuk Wan Razly Abdullah said the partnership reflects the bank's ambition to go beyond traditional financial services. "As we celebrate this golden milestone, we are proud to go beyond traditional banking by delivering moments that resonate, inspire, and elevate," he said. "This first-of-its-kind partnership in Malaysia unites two iconic brands in a shared pursuit of distinction, offering bespoke lifestyle experiences tailored for the nation's most discerning clientele." The initiative also aligns with Affin's Axelerate 2028 strategy, which emphasises unrivalled customer service and meaningful engagements, especially for the group's ultra-high-net-worth customer segment. Aston Martin Kuala Lumpur general manager Chris Chia said the collaboration represents a reimagining of luxury ownership in Malaysia. "This collaboration redefines luxury mobility in the region, blending Affin's financial acumen with the timeless heritage of the British marque and offering a seamless journey towards extraordinary ownership," he said. To mark the start of the partnership, a flag-off ceremony was held today at Menara Affin, ahead of the curated three-day drive experience titled "An Island Escape with Aston Martin." The journey will see Aston Martin owners and selected Affin Diventium customers travel in style to the luxurious Pangkor Laut Resort, an experience designed to reflect the elegance, performance, and lifestyle that come with owning an Aston Martin.
The Star
07-05-2025
- Business
- The Star
Affin gets A3 rating with stable outlook from Moody's
Affin Bank Bhd president and group chief executive officer Datuk Wan Razly Abdullah KUALA LUMPUR: Affin Group has received its first international credit rating of A3 with a stable outlook from Moody's Ratings. The banking group said in a statement that the rating "marks a significant milestone in the group's 50-year history, reflecting its solid financial foundation, prudent asset quality, resilient capital position, and strong institutional ties with the Sarawak state government, which holds a 31.25 per cent equity stake in the bank.' Affin Bank Bhd president and group chief executive officer Datuk Wan Razly Abdullah said the rating was "a recognition of our sound fundamentals and validates the strength of our Axelerate 2028 (AX28) Plan.' "As we continue to grow our footprint and expand financial inclusion across Malaysia, this rating affirms the market's confidence in AFFIN,' he added. Wan Razly said the strong rating enhances the bank's position on the global stage, particularly among international investors in areas such as trade finance, correspondent banking, and US dollar capital markets. "It unlocks broader access to global opportunities and funding for the group,' he added. Affin noted that Moody's highlighted several key strengths of the group, which include healthy asset quality. "The group also showed strong capitalisation, with a tangible common equity to risk weighted assets ratio of 14.5 per cent as at end 2024; adequate funding and liquidity, underpinned by growing current account and savings account deposits as well as improving profitability, driven by operational efficiencies and digital transformation initiatives,' it said, citing Moody's assessment. With its credit rating, Affin said the bank now joins the ranks of Malaysia's top-rated financial institutions, further enhancing its credibility and global market access. - Bernama
