Group revenue rose to
The firm attributed the increase in net profit to higher net interest income. Earnings per share was
For the nine-month period, AFG's net profit rose to
Its group chief executive officer
"The improved financial performance in the first nine months of FY2014 compared with the corresponding period of FY2013 was mainly attributed to the growth in interest income and recurring non-interest income," Sng added.
Net interest income grew by 6.4 per cent to
Sng said interest margins, however, continued to remain under pressure due to the increased competition in the industry for both loans and deposits.
He said non-interest income registered moderate growth of 8.6 per cent to
"Non-interest income ratio improved to 28 per cent from 27.2 per cent a year ago," he added.
The group's net loans, including Islamic financing, grew by 13.2 per cent to
For SME lending, Sng said it grew by 8.3 per cent year-on-year to
Business banking, comprising of lending to SMEs, commercial and corporate customers, now represents 42.2 per cent of total loan portfolio, and the rest of 57.8 per cent for consumer banking.
Sng said the financing of residential properties and non-residential property continue to register above industry growth rates.
"Growth has also been encouraging in the hire purchase financing and the share margin financing segments as part of our initiative to rebalance our portfolio to higher yielding loans," he said.
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