KUALA LUMPUR: AEON Credit Service (M) Bhd has registered a net profit of RM75.81 million in the first quarter ending May 2017, a 20.86 per cent increase from RM62.73 million in the corresponding quarter a year ago on the back of higher financing volume.
Total revenue for the quarter under review of RM302.28 million represented growth of 15.53 per cent over RM261.64 million last year.
Total financing volume was RM1.05 billion in the quarter, an increase of 4.27 per cent from RM1.01 billion recorded last year, mainly contributed by credit card transactions and personal financing schemes.
Total financing receivables as at May 31, 2017 of RM6.67 billion represented growth of 17.37 per cent from RM5.68 billion as at end of May last year.
The non-performing loan (NPL) ratio was stable at 2.43 per cent as at May 31, 2017. The net credit cost ratio for the year on average financing receivables was slightly lower at 3.28 per cent compared to 3.32 per cent in the corresponding period last year.
Moving forward, the company said it expects to sustain its financial performance for the year ending February 28, 2018 on the back of positive economic outlook this year.