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The Sun
3 days ago
- Business
- The Sun
Koperasi Tentera declares 7.1% dividend worth RM125.3 mln
KUALA LUMPUR: Koperasi Angkatan Tentera Malaysia Bhd (Koperasi Tentera) has declared a 7.1 per cent dividend for its 155,678 members, amounting to a total payout of RM125.3 million, following a strong financial performance in the past fiscal year. Defence Minister Datuk Seri Mohamed Khaled Nordin said the achievement reaffirms the status of the armed forces cooperative as one of the most robust in the country, driven by strong member support and sound governance. Koperasi Tentera maintains its standing as a premier cooperative, with total assets exceeding RM3 billion, placing it among the most successful cooperatives in Malaysia. 'There are around 15,000 cooperatives in the country, but only 15 have earned premier status. Koperasi Tentera ranks second among them,' he said during the opening of the cooperative's 59th Annual General Meeting at Wisma Perwira ATM today. Despite ongoing economic challenges, the cooperative recorded a net income of RM253.3 million last year, an increase from RM232.8 million in 2023. At the same time, Mohamed Khaled said the cooperative also reported a pre-tax and zakat profit of RM110.2 million. He attributed the cooperative's strength to the unwavering support of its members, especially in areas such as financing, insurance and investment services. 'This is the essence of cooperatives, members supporting their own institution. If members need loans, they turn to the cooperative instead of loan sharks. Its success is also built on a strong culture of democratic governance,' he said. Mohamed Khaled also stressed the vital role of Koperasi Tentera as both an economic and social instrument, especially for Malaysian Armed Forces (ATM) personnel navigating today's economic landscape. 'As individuals, members may not always be able to access or seize economic opportunities. But through a cooperative, we pool our strength and create an effective economic vehicle,' he added. He expressed hope that Koperasi Tentera will continue to support the MADANI Economy framework by empowering ATM personnel and veterans through active economic participation. The minister also encouraged Koperasi Tentera to leverage its position within the Defence Ministry ecosystem by tapping into defence-related business opportunities, including contractor financing and supply project insurance services. 'The ministry is committed to ensuring the success of this cooperative and will continue to create economic opportunities for its members,' he said.
New Straits Times
19-05-2025
- Business
- New Straits Times
Affin posts 12.6pct higher profit to RM124.1mil in Q1
KUALA LUMPUR: Affin Bank Bhd's net profit rose 12.6 per cent to RM124.1 million in the first quarter ended March 31, 2025 (1Q25) from RM110.2 million a year ago. In a statement today, the bank said the improved performance was primarily driven by a higher net income of RM39.4 million. Affin's revenue for the quarter increased to RM543.93 million from RM504.54 million in 1Q24. As a result, the bank registered a higher earnings per share of 5.17 sen against 4.70 sen previously. Meanwhile, Affin Bank's gross loans and financing marked a year-on-year growth of 7.1 per cent, achieving a value of RM72.9 billion compared to RM68.0 billion as of March 31, 2024. Customer deposits increased 5.2 per cent to RM75.5 billion, while current account and savings account (CASA) ratio continued to improve significantly to 32.2 per cent per cent as of March 31, 2025, compared to 24.9 per cent in the same period last year. The bank's interest income (NII) recorded RM206.0 million, an increase of RM12.3 million or 6.4 per cent compared to the preceding financial quarter of RM193.7 million. Furthermore, Affin Islamic Bank Bhd recorded a pre-tax profit of RM87.1 million for the financial period ended March 31, 2025, a decrease of RM11.5 million as compared to RM98.6 million in the previous corresponding period. The result was mainly attributable to a higher operating expense and a higher allowance for impairment losses of RM13.0 million and RM28.6 million respectively. Affin Group president and group chief executive officer Datuk Wan Razly Abdullah said the bank's first quarter performance reflects continued execution of its Affin Axelerate 2028 (AX28) Plan, with pre-tax profit rising 23.7 per cent year-on-year to RM178.2 million. He added that this was underpinned by higher net interest income, improved funding mix, and a stronger contribution from associates. "Amid a persistently tight monetary environment and ongoing global macroeconomic headwinds, we continued to exercise prudent cost and credit discipline. "While we remain cautious on the near-term outlook due to external volatility, we remain confident in our ability to navigate the landscape, supported by healthy asset quality, a well-diversified balance sheet and disciplined execution," he noted. Wan Razly also said Affin's recent attainment of its first international credit rating of A3 from Moody's Ratings strengthens the group's credit profile and elevates its standing in global capital markets. This positions the bank to secure more cost-efficient US dollar funding, diversify its investor base and unlock strategic cross-border financing opportunities that support its long-term growth trajectory. Meanwhile, Wan Razly noted that AffinAlwaysX, the bank's new mobile banking application, was launched internally to 5,700 employees and is performing well ahead of its public rollout on May 22. "Designed with enhanced UI/UX features, excellent security, and exciting upgrades, AffinAlwaysX is expected to drive exponential growth towards a target of 1.3 million users by year-end. "This initiative will also strengthen CASA stickiness, supported by a focused payroll acquisition strategy. "Our CASA ratio stood at 32 per cent as at 1Q25, surpassing the FY25 target of 31 per cent, is a result of our continued efforts to lower the group's cost of funds. "We expect the momentum in CASA growth to snowball into lower cost of funds and net interest margin expansion," he added. Wan Razly said Affin's strong business pipeline includes financial advisory services and debt capital market deals, with the recent lead role in the financing of Macrovalue's acquisition of Cold Storage Singapore, with many more landmark deals to come. "Our recent collaboration with MUFG Bank (Malaysia) Bhd, the fifth largest bank in Asia, underscores our commitment to providing tailored solutions, facilitating cross-border trade and investment, and expanding our expertise in key areas, including Islamic finance, green finance, and digital transformation. "By leveraging our deep market knowledge and MUFG's global network, we are unlocking new opportunities for our customers and business partners, helping them scale in an increasingly interconnected global economy," he said.
