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KUALA LUMPUR: AEON Credit Service (M) Bhd’s net profit for the first quarter ended May 31, (1Q23) was flat at RM163.07mil from RM163.09mil in the same period last year.

Revenue, however, dropped 5% to RM390.57mil against RM410.97mil in the same quarter a year prior, mainly due to the decrease in average financing receivables as compared to the preceding year's corresponding quarter.

Aeon Credit’s total transaction and financing volume in the current quarter of RM1.48bil was higher by 5.6% as compared to the preceding year's corresponding quarter.

Its gross financing receivables as at May 31 of RM9.99bil was lower by RM61.87mil as compared to a year earlier.

The net financing receivables after allowance for impairment loss was RM9.284bil as at May 31 as compared to RM9.33bil last year.

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Its non-performing loans (NPL) ratio was 2.53% as at May 31 compared with 1.75% in the same period last year while the loan loss coverage ratio stood at 281% as at May 31, 2022 against 409% as at May 31, 2021.

Other income for the current quarter was higher at RM58.73mil mainly due to higher bad debt recoveries.

Aeon Credit said it would continue to closely monitor and assess the inherent credit risks in its financing portfolios, with proactive attention focused on the enhancement of asset quality, prudent cost management and improvement on financial and operational efficiencies by leveraging on its positive business fundamentals.

“The group is committed to building on its business sustainability and growth agenda and will be continuously enhancing its information technology capabilities to drive the digitalisation of its operations.

“Barring any unforeseen circumstances, the group expects to be able to maintain its financial performance by putting in place the appropriate measures for the financial year ending Feb 28, 2023,” it said.