Aeon Credit’s 1Q net profit flat at RM163mil


KUALA LUMPUR: AEON Credit Service (M) Bhd’s net profit for the primary quarter ended May 31, (1Q23) was flat at RM163.07mil from RM163.09mil in the identical interval final 12 months.

Revenue, nonetheless, dropped 5% to RM390.57mil towards RM410.97mil in the identical quarter a 12 months prior, primarily as a result of lower in common financing receivables as in comparison with the previous 12 months’s corresponding quarter.

Aeon Credit’s complete transaction and financing quantity within the present quarter of RM1.48bil was greater by 5.6% as in comparison with the previous 12 months’s corresponding quarter.

Its gross financing receivables as at May 31 of RM9.99bil was decrease by RM61.87mil as in comparison with a 12 months earlier.

The net financing receivables after allowance for impairment loss was RM9.284bil as at May 31 as in comparison with RM9.33bil final 12 months.

Its non-performing loans (NPL) ratio was 2.53% as at May 31 in contrast with 1.75% in the identical interval final 12 months whereas the mortgage loss protection ratio stood at 281% as at May 31, 2022 towards 409% as at May 31, 2021.

Other earnings for the present quarter was greater at RM58.73mil primarily on account of greater unhealthy debt recoveries.

Aeon Credit stated it could proceed to intently monitor and assess the inherent credit score dangers in its financing portfolios, with proactive consideration targeted on the enhancement of asset high quality, prudent value administration and enchancment on monetary and operational efficiencies by leveraging on its optimistic enterprise fundamentals.

“The group is committed to building on its business sustainability and growth agenda and will be continuously enhancing its information technology capabilities to drive the digitalisation of its operations.

“Barring any unforeseen circumstances, the group expects to be able to maintain its financial performance by putting in place the appropriate measures for the financial year ending Feb 28, 2023,” it stated.

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