KUALA LUMPUR (June 28): Aeon Credit Service (M) Bhd's net profit jumped 30.9% to RM99.24 million for the first financial quarter ended May 31, 2018 (1QFY19) from RM75.81 million a year ago, mainly due to an increase in financing receivables.

A a result, earnings per share was higher at 38.43 sen for 1QFY19 compared with 28.98 sen for 1QFY18. Quarterly revenue grew 7.8% to RM325.72 million from RM302.28 million a year ago.

In a filing with Bursa Malaysia today, Aeon Credit said financing receivables was RM6.92 billion as at May 31, 2018, up 3.8% from RM6.67 billion as at May 31, 2017. Non-performing loans ratio was 2.26% as at May 31, 2018 compared with 2.43% as at May 31, 2017.

Other income was recorded at RM29.25 million for 1QFY18, mainly comprising bad debts recovered, commission income from sale of insurance products and loyalty programme processing fees.

Total transaction and financing volume rose to RM1.1 billion in 1QFY19 against RM1.05 billion a year ago.

In a separate statement, Aeon Credit said it expects to be able to maintain its financial performance for the financial year ending Feb 28, 2019 (FY19) based on the scheduled implementation of its business plan.

"The group is also confident that the current economic landscape will spur further growth for our business, strongly driven by domestic demand and household spending," it added.

Aeon Credit shares closed 10 sen or 0.72% higher at RM13.90 today, with 93,800 shares done, for a market capitalisation of RM3.45 billion.