Group Announces FY2024 Performance And Bonus Issue At 49th Annual General Meeting

AFFIN GROUP ANNOUNCES FY2024 PERFORMANCE AND BONUS ISSUE

AT 49TH ANNUAL GENERAL MEETING

KUALA LUMPUR - AFFIN Group ("AFFIN" or "the Group") today announced that all 10 resolutions were duly passed at its 49th Annual General Meeting (AGM), held at Royale Chulan Kuala Lumpur. The AGM marked a significant milestone as the Group shared its record financial performance for the financial year ended 31 December 2024 (FY2024), reinforcing its ongoing transformation journey ahead of its golden 50th anniversary.

For FY2024, AFFIN Group recorded a Profit Before Tax (PBT) after zakat of RM701.0 million, a 35.3% increase from RM518.3 million in FY2023. The Group's loans and financing grew 8.1% year-on-year to RM72.0 billion, while total assets reached RM111.8 billion as of 31 December 2024. The strong profit generated would be reinvested in the business to further grow the Balance Sheet and enhance the Group's Digital Capabilities.

President & Group Chief Executive Officer of AFFIN Group, Datuk Wan Razly Abdullah, said the Group's achievements were delivered despite ongoing macroeconomic and industry headwinds. "FY2024 was shaped by interest rate volatility, regulatory shifts, and heightened competition. Yet, we remained focused on executing our AFFIN Axelerate 2028 (AX28) Plan, anchored on Unrivalled Customer Service, Digital Leadership, and Responsible Banking With Impact," said Datuk Wan Razly.

"We enhanced operational efficiency, strengthened internal capabilities, and deepened digitalisation across the Group. These fundamentals continue to drive our resilience and relevance. In 2024, AFFIN introduced targeted offerings to meet the needs of distinct customer segments including, AFFIN Diventium (Private Banking), AFFIN INVIKTA (High Net Worth), and AFFIN Avance (Professionals), alongside enhanced solutions for digital-first, SME, and corporate clients. These initiatives aim to broaden our addressable market, deepen customer engagement, and drive financial empowerment."

"On regional growth, AFFIN has seen encouraging market response, with increased account openings, and we plan to capitalise on this momentum to expand our market presence across retail banking, stockbroking, insurance, and commercial and corporate lending."

"To reward shareholders in line with our growth journey, we are proposing a Bonus Issue on the basis of one new share for every 18 existing shares held. This Bonus Issue is a mechanism to distribute the 2024 profit to all shareholders, enabling them to participate in the Group's long-term value creation. The move comes amid strong demand for AFFIN shares, which remain tightly held, and reflects our confidence in our strategic direction and digital-first agenda. We have seen the entry of foreign shareholders into AFFIN, with foreign funds acquiring up to 4% of the Group's total shares."

The AGM was chaired by YBhg. Dato' Agil Natt, Chairman of Affin Bank Berhad, and attended by the Board of Directors, the President & Group Chief Executive Officer, and members of Senior Management.

The Group expressed its appreciation to all shareholders, customers, and stakeholders for their continued support, and reaffirmed its focus on delivering profitable, sustainable growth as it evolves into a Modern and Progressive Bank.

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About AFFIN Group

Incorporated on 23 October 1975, AFFIN Group proudly commemorates its 50th anniversary in 2025, a milestone that reflects five decades of steadfast dedication to growth, innovation, and financial excellence, all in line with its vision to be the Most Creative and Innovative Financial Company in Malaysia. Affin Bank Berhad operates as the financial holding entity of Affin Islamic Bank Berhad, Affin Hwang Investment Bank Berhad and Affin Moneybrokers Sdn Bhd. Generali Insurance Malaysia Berhad and Generali Life Insurance Malaysia Berhad are affiliated companies of Affin Bank Berhad.

AFFIN Group provides an array of financial products and services catering to individual, enterprise, commercial, and corporate clients. The focus market segments are categorised under essential business units such as Community Banking, Enterprise Banking, Corporate Banking, Treasury, and Investment Banking. For more information, please visit https://www.affingroup.com.