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Results Note – Alliance Financial Group (ADD, maintain) - Proxy to the niche growth sectors




Affin Hwang Investment Bank Bhd


19 Feb 2013





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Proxy to the niche growth sectors 9MFY03/13 results in-line with consensus and Affin’s forecast AFG reported a 9MFY03/13 net profit of RM399.2m (5.0% yoy) which was within consensus estimate and our full year forecast of RM519.1m. Despite the challenges in loan growth among industry players, AFG still managed to chalk up a healthy loans growth of +12.3% yoy. Nonetheless, net interest income generation (including Islamic Banking income) was challenged by competitive market rates (especially in mortgage) and the slight rise in funding cost (as a result of expanded FD base impact), have resulted in further NIMs compression to 2.48%. That said, 9MFY03/13 ROE was maintained at 13.6% and was flattish vs. FY03/12. Management has proposed a 10 sen interim dividend, ytd dividends stood at 16.6 sen.

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