AEON Credit Service posted a 16.4% growth in revenue with RM486.51 million in third quarter ended 30 November 2023, compared to RM417.84 million of the preceding year corresponding quarter ended 30 November 2022 which the group said was mainly driven by stronger loan and financing growth.
This was underpinned by a 17.8% increase in total transaction and financing volume to RM1.82 billion in Q3FYE24 as compared to RM1.55 billion in Q3FYE23. For the quarter under review, AEON Credit registered a profit before tax of RM111.43 million compared to RM101.58 million recorded in the preceding year’s corresponding quarter on the back of higher revenue achieved.
The Group also recorded a profit after tax of RM85.55 million in Q3FYE24 as compared to RM83.63 million in Q3FYE23.
For the nine-months period ended 30 November 2023, AEON Credit’s transaction and financing volume was higher by 17.2% at RM5.4 billion as compared to RM4.6 billion recorded in 9MFYE23. While the gross financing receivables increased by RM1.31 billion or 12.4% in 9MFYE24 to RM11.90 billion as compared to RM10.60 billion in 9MFYE23. The Non-Performing Loans ratio stood at 2.73% as of 30 November 2023.
Please find below the edited version of the text:
The profit before tax for the first nine months of the fiscal year ending in 2024 decreased by 3.5% to RM402.58 million compared to RM417.17 million during the same period of the previous year. This decrease is mainly due to an increase in impairment losses on financial receivables. In 9MFYE24, the impairment loss amounted to RM455.93 million, while it was RM330.63 million in 9MFYE23. This increase is primarily due to a higher reversal of the general provision coupled with lower financing receivables recorded in 9MFYE23.
The group expects the to maintain its financial performance throughout the remainder of the financial year ending 29 February 2024.
