This is my home loan bank, if not because of Bridget Lai issue, I think this bank is good for collection. Small small cili padi among the big bank.
Written by Joseph Chin
Thursday, 11 February 2010 19:37
KUALA LUMPUR: ALLIANCE FINANCIAL GROUP BHD [] saw its net profit double to RM99.91 million in the third quarter ended Dec 31, 2010 compared with RM49.23 million a year ago mainly due to lower allowance for losses on loans and financing.
It said on Thursday, Feb 11 revenue was slightly lower at RM394.43 million versus RM409.59 million while earnings per share were 6.50 sen versus 3.2 sen. It declared a second interim dividend of 5.10 sen per share, tax exempt.
For the nine months ended Dec 31, 2009, net profit was marginally lower at RM224.17 million from RM228.22 million. Pre-tax profit was RM301.5 million compared to RM297.6 million in the previous corresponding period last year.
"The higher (pretax) profit is primarily due to recovery of a corporate loan as well as reduction of general allowance rate to 1.5%. The group's risk-weighted capital ratio remained strong at 15.2% with core capital ratio at 11.0%," it added.
AFG said, when compared with the second quarter ended Sept 30, 2009, pre-tax profit was RM131.0 million, up RM22.9 million or 21.2%. The improvement was due to lower allowance for losses on loans and financing and impairment on investment securities.
"As at Dec 31, 2009, the group’s provision coverage on Idaman collaterised loan obligations (CLO) is at 96%," it said.
Net non-performing loans (NPL) rose from 1.8% as at March 31, 2009 to 1.9% as at Dec 31, 2009. Gross loans provisioning coverage stood at 91% as at Dec 31, 2009 versus 99.7% as at March 31, 2009. This was due to write-back of loan allowances which was now no longer required.
As at Dec 31, 2009, gross loans and advances increased by 7% to RM21.0 billion compared to March 31, 2009. Overall, the group’s risk-weighted capital ratio remained strong at 15.2% with core capital ratio at 11.0%.