Aeon Credit Service Revenue Dips Slightly Due To Lower Interest Income

Aeon Credit Service (M) Bhd a pre-tax profit of RM44.789 million on the back of a turnover of RM362.968 million for the 4th quarter ending February 28, 2022 from a pre-tax profit of RM153.630 million on the back of a turnover of RM406.348 million for the same period previously.

For the whole year ending February 2022, it achieved a pre-tax profit of RM526.820 million on the back of a turnover of RM1.525 billion from a pre-tax profit RM324.907 million on the back of a turnover of RM1.562 billion

In a Bursa filing, it said that total revenue registered for the financial year-to-date of RM1.525 billion was slightly lower by 2.4% as compared to RM1.562 billion recorded in the corresponding preceding year. The lower revenue was mainly due to lower interest income recorded from a lower average financing receivables base.

The Group recorded a higher PBT of RM526.820 million for the financial year-to-date as compared to RM324.907 million in the corresponding preceding year. The increase was mainly due to the year-to-date reduction in the allowance for impairment losses of RM205.137 million because of improved collections.

It said that the Group will continue to remain vigilant in assessing the inherent credit risks in its financing portfolios, with proactive attention focused on enhancement of asset quality, prudent cost management and improvement on financial and operational efficiencies by leveraging on its positive business fundamentals.

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