Aeon Credit poised for quick recovery

TheStar Thu, Jul 08, 2021 09:40am - 2 years View Original


The company surprised stakeholders with its five-fold increase in net profit to RM163.09mil in the first quarter ended May 31, 2021 (Q1) from a year ago

KUALA LUMPUR: The improvement in financing volume will put AEON Credit Service (M) Bhd in a position for recovery even as movement restrictions prolong and the automatic six-month loan moratorium is reintroduced.

The company surprised stakeholders with its five-fold increase in net profit to RM163.09mil in the first quarter ended May 31, 2021 (Q1) from a year ago.

The increase was driven by higher other operating income (+95%) –mainly from higher bad debt recovery – and lower impairment losses (-87%) from the reversal of impairment loss provision.

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