My loan account is with Alliance Bank flexi loan but their alliance online service suck compare to maybank2u.
Why they don't know how to copy???
I think bank rakyat online system is better than them.
Written by Yong Yen Nie
Wednesday, 25 November 2009 21:57
KUALA LUMPUR: ALLIANCE FINANCIAL GROUP BHD [] (AFG) posted a 42.8% rise in its net profit to RM78.04 million in its second quarter ended Sept 30, 2009 (2QFY10) from RM54.64 million a year earlier, underpinned by lower allowances for loans losses.
Revenue fell 8.5% to RM370.45 million from RM404.92 million, while basic earnings per share (EPS) rose to 5.10 sen from 3.6 sen. No dividend was declared.
AFG had made RM66.01 million of specific allowance on loans losses in 2QFY09 compared with RM114.83 million a year earlier. It had also written back RM98.59 million of specific doubtful and bad debt in 2QFY10 compared with RM58.58 million a year earlier.
AFG said its gross loans provisioning coverage stood at 89% as at Sept 30, 2009 compared with 99.7% as at March 31, 2009, mainly due to write-back of loan allowances which was no longer required now.
Alliance Bank Malaysia Bhd group chief executive officer and AFG director Datuk Bridget Lai said: "As a result of our three-year business transformation programme, our sound business fundamentals, operational excellence, strong domestic footprint and distinct customer orientation have enabled us to restore our balance sheet to the desired financial strength."
For the first half (1HFY10), AFG's net profit fell 30.6% to RM124.26 million from RM178.99 million. Revenue fell 8.06% to RM759.84 million from RM826.41 million a year earlier.
AFG said the lower profit was primarily due to lower net interest income, following the drop in key interest rates to 2% from 3.5%. "This had an immediate effect on the group, as approximately 85% of its loan portfolio is floating rate loans," it said.
AFG added that savings from the reduction in cost of funds would take effect when the group's fixed deposits matured.
It said its other operating income fell 9.1% to RM99.8 million in 1HFY10 from RM109.77 million a year earlier, mainly due to lower gain from the realisation of investment securities despite a higher brokerage fees income.
In 2QFY10, AFG said it had provided a further RM97.4 million impairment to one of the collateralised loan obligations (CLOs) in anticipation of future economic conditions, which might further impact the businesses of some of the obligors.
The additional impairment provision made in the second quarter effectively raised the provision coverage of the CLOs to 96%.
AFG's net non-performing loans (NPLs) ratio rose to 2% as at Sept 30, 2009 from 1.8% as at March 31, 2009. The group's risk-weighted capital ratio stood at 15.4% with core capital ratio at 11.1%.
"Whilst we acknowledge that massive government stimulus has stopped the world's economy from further decline, we remain cautiously optimistic of the prospects of the economy and expect to record a reasonable performance for the financial year ending March 31, 2010," Lai said.