♦ 2QFY10 results beat expectations yet again ... Affin’s 2Q10 net profit of RM112m (+24% yoy; -18% qoq) beat our and consensus estimates with 1H net profit of RM247m (+36% yoy) accounting for 60% of our and 57% of consensus full-year net profit forecasts. This was notwithstanding a RM30m provision charge for a legal case incurred during the quarter, partly cushioned by a gain on dilution of interest in associate of RM8m. The key variance was due to lower-than-expected impairment allowance on
loans (1H pre-impairment profit was in line, making up 48% of our fullyear estimates). As expected, Affin did not declare any dividend.
Affin Holdings Berhad : Low Allowance For Impairment Of Loans Helps Beat Estimates - 23/08/2010
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