KUALA LUMPUR (Dec 16): Non-bank financial institution Aeon Credit Service (M) Bhd saw its net profit in the third quarter ended Nov 20, 2014 (3QFY15) grow 12% to RM48.29 million or 32.5 sen per share, from RM43.06 million or 29.9 sen per share a year ago, on growth in automotive financing.

Revenue for the quarter went up 21% to RM216.22 million, from RM178.03 million, thanks to higher total transaction volume, which grew 3.6% to RM 848 million, while total financing volume increased 3.4% to RM2.56 billion.

Its operating income surged 65% to RM14.19 million, from RM8.62 million previously, which was mainly contributed by increase in bad debts recovered and AEON Big loyalty programme processing fee.

The group added as at Nov 20, its financing receivables stood at RM4.35 billion, up 29.5% from RM3.36 billion in the same period last year. Currently, its total assets stands at RM4.62 billion, translating to a net asset per share of RM4.24.

As for its asset quality, Aeon Credit saw its non-performing loans (NPL) ratio rise to 3.07% in 3QFY15, from 2.65% in 2QFY15.

For the cumulative nine months to Nov 20, 2014 (9MFY15), the group’s net profit climbed 19% to RM152.01 million or RM1.03 per share, from RM127.53 million or 88.57 sen per share a year ago, while revenue rose 29% to RM626.43 million, from RM484.77 million previously.

On its outlook, Aeon Credit expects to be able to maintain its current performance in the current financial year, based on implementation of its business plan.

Aeon Credit’s shares have declined 39.72%, from RM17.68 on Aug 14 to close at RM10.66 today, giving it a market capitalisation of RM1.54 billion.