KUALA LUMPUR (Dec 21): Aeon Credit Service (M) Bhd, which was slapped with a RM96.82 million tax bill by the Inland Revenue Board on Dec 13, posted a 5.2% rise in third-quarter net profit on higher financing receivables and other operating income.

Net profit for the three months ended Nov 30, 2017 (3QFY18) rose to RM70.55 million from RM67.05 million a year ago. Earnings per share came in higher at 28.86 sen from 27.32 sen in 3QFY17.

Quarterly revenue increased 11.4% to RM312.35 million from RM280.35 million.

In a filing with Bursa Malaysia today, Aeon Credit said the group's financing receivables rose 13.2% to RM7.03 billion as at Nov 30, 2017 compared with RM6.21 billion as at Nov 30, 2016.

Other operating income was also up 3.8% to RM29.49 million from RM28.42 million a year ago, mainly comprising bad debts recovered, commission income from sale of insurance products and loyalty programme processing fees.

For the cumulative nine months (9MFY18), the group saw its net profit rose 17.7% to RM217.75 million from RM184.97 million a year ago, while revenue climbed 14.2% to RM925.95 million from RM811.11 million in 9MFY17.

Aeon Credit said total financing volume was RM3.07 billion in 9MFY18, up 1.7% from RM3.02 billion in 9MFY17, mainly contributed by credit card transactions, motorcycle easy payment, consumer durables easy payment and personal financing schemes.

As at Nov 30, 2017, Aeon Credit's total financing receivables stood at RM7.14 billion, a 13.2% increase from RM6.31 billion as at end-November 2016. Its non-performing loan ratio was at 2.48% compared with 2.33% during the same period.

On prospects, Aeon Credit expects to be able to maintain its financial performance for the financial year ending Feb 28, 2018 based on the scheduled implementation of its business plan.

Aeon Credit shares closed up 26 sen or 1.92% at RM13.80 today, bringing a market capitalisation of RM3.41 billion.