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Affin Expects Loan Segment To Grow By Seven Pct
Last update: 11/09/2017

KUALA LUMPUR, Sept 11 (Bernama) -- Affin Bank Bhd expects†its loan†segment†to grow between six†per cent and seven†per cent for the†financial year ending Dec 31, 2017†from the RM44†million recorded†previously.

Managing Director and Chief Executive Officer, Kamarul Ariffin Mohd Jamil said the bulk of the growth would come from consumers, followed by corporations†and†small and medium enterprises.†

"We are now more broad-based than†before. We have a very stable stable growth on†the consumer side, which is†the backdrop for†Affin†this year," he told reporters after†announcing the†winners of the†'O.M.G Returns! Bigger than Ever!' campaign.†

Kamarul†Ariffin†said†subsidiary, Affin†Islamic Bank Bhd, had†also been recording†stronger growth,† especially in the consumer segment.

"This is in line with the†campaign to expand our Islamic banking segment," he added.†††

He said the bank had been focusing on its transformation programme, Affinity, and the proposed reorganisation exercise is expected to be concluded by the first quarter of 2018.

Under the proposed reorganisation exercise, Affin†Bank will†be†taking†over the listing status of Affin†Holdings Bhd on Bursa Malaysia's†main market.†

The exercise will also see Affin transferring its wholly-owned subsidiaries,†Affin Hwang Investment Bank Bhd and Affin Moneybrokers Sdn Bhd, as well as its 51 per cent-owned joint venture AXA Affin Life Insurance Bhd and 37.07 per cent-owned associate AXA Affin General Insurance Bhd, to Affin Bank Bhd.

Kamarul†Ariffin said the bank was on track to†reduce†its non-performing loan (NPL) level to between 1.6 per cent and†1.7 per cent by year-end from the current two per cent.

"We had†to restructure some of the accounts.I think after the restructuring period, it should go†back to hovering between†1.6 per cent and†1.7 per cent, similar to that†in 2016," he added.††

Meanwhile, the bank's†'O.M.G Returns! Bigger than Ever!' campaign,†from December 2016-June 2017,†saw six grand prize winners driving home†new Proton Persona and Proton Myvi's.

Additionally, 16 lucky winners bagged†second place prizes of RM8,000 in†cash and electrical vouchers worth RM2,000.

"Since we embarked on the campaign, we recorded a year-on-year retail deposit growth of RM545 million or 17 per cent, along with 48,732 new accounts," said Kamarul†Ariffin.††



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Source: Bank Negara Malaysia

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