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NewsAffin Q1 pre-tax profit falls to RM185.8 mln
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Affin Q1 pre-tax profit falls to RM185.8 mln
by Cals Tue 20 May 2014, 00:12
| Affin Q1 pre-tax profit falls to RM185.8 mln |
| Business & Markets 2014 |
| Written by Bernama |
| Monday, 19 May 2014 20:07 KUALA LUMPUR (May 19): Affin Holdings Bhd's pre-tax profit for the first quarter ended March 31, 2014, declined to RM185.8 million, from RM203.5 million in the same period last year. Revenue, however, rose to RM764.9 million, from RM732.8 million previously. Affin Holdings in a statement today, said the lower pre-tax profit was mainly due to higher overhead expenses and share of losses in jointly-controlled entities, despite an increase in Islamic banking income and share of results in associate. However, chairman Tan Sri Mohd Zahidi Zainuddin was confident that it would be able to maintain its growth momentum for the rest of the year. "With the recent completion of the acquisition of the investment banking and asset management businesses of HwangDBS, we will be able to capitalise on the synergies created from the businesses acquired," he said. He said, the synergies included cross-selling opportunities, sharing of best practices, optimisation of scale to improve efficiency in key business areas and rationalisation of cost. He added that there was upside prospects for cross-synergies between its various business units and more efforts would be put in place to ensure that it seizes the inherent opportunities in the market. |
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