Aeon Credit Service (M) Bhd reported a 24.7% increase in net profit to RM118.92 million for the fourth quarter ended Feb 29, 2024 (4Q24), driven by higher revenue.
Revenue expanded 15.9% to RM501.58 million, primarily due to robust loan and financing growth.
The group's non-performing loans ratio decreased to 2.57%, attributed to proactive measures taken.
A final dividend of 14 sen was declared, bringing the total dividend payout for FY2024 to 42.5 sen.
However, full-year net profit only grew by 1.5% to RM424.02 million, mainly due to higher operating expenses and impairment losses.
Despite economic uncertainties, Aeon Credit remains cautious and plans to focus on quality assets and risk management.
Additionally, it aims to enhance IT capabilities and expand customer reach through the Aeon Living Zone ecosystem to maintain business momentum in FY2025.
Aeon Credit's shares closed up by 6 sen or 0.92% at RM6.61, resulting in the company's market capitalisation reaching RM3.38 billion.