President and CEO Wan Razly Abdullah noted that the 2024 financial year (FY2024) was shaped by interest rate volatility, regulatory shifts, and heightened competition.
“Yet, we remained focused on executing the Affin Axelerate 2028 plan, anchored on unrivalled customer service, digital leadership, and responsible banking with impact,” he said in a statement after the banking group’s 49th annual general meeting today.
Given its impressive performance, the lender has proposed a bonus issue of one share for every 18 held by its shareholders.
Wan Razly said economic growth in the region has led to encouraging response from the market, leading to an increase in new accounts.
The group plans to capitalise on this momentum to expand its presence in retail, stockbroking, insurance, and commercial and corporate lending.
At the AGM chaired by Agil Natt, the shareholders also gave the nod to 10 resolutions, including the re-election of Hata Robani, Abdul Aziz Abu Bakar and Ashraf Md Radzi as board members and payment of directors’ benefits of up to RM2.5 million to eligible non-executive directors.
Separately, directors were given the authority to allot and issue new ordinary shares in Affin Bank.
The banking group recorded a profit before tax and after zakat of RM701 million, a 35.3% increase from RM518.3 million in the previous financial year.
This was a record for Affin Bank, underscoring its ongoing transformation as it approaches its 50th annivesary.
At the group level, its loans and financing grew 8.1% year-on-year to RM72 billion, while total assets reached RM111.8 billion as of Dec 31, 2024.
In February, the bank reported a net profit of RM135.09 million for the fourth quarter of FY2024, up from RM39.54 million in the previous corresponding period.
The sharp increase was attributed to a reversal of credit impairment losses amounting to RM81.58 million in contrast to a provision of RM11.11 million in the same quarter in 2023.
The bank said the profits generated would be reinvested in the business to further grow the balance sheet and enhance the group’s digital capabilities.