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Affin Bank's expansion in Sarawak, driven by non-state-backed deposits, has yet to yield significant contributions from the Sarawak government in loans and deposits, according to Kenanga Research. Despite achieving healthy CASA growth and exceeding its full-year CASA target, aided by Sarawak deposits offsetting declining working capital loans, the state government's involvement remains minimal. Affin's Q1 2025 net profit reached RM124.1 million, driven by stronger net income. Analysts suggest a stronger relationship with the Sarawak government is crucial for future growth, with potential catalysts including large CASA deposits from the state.
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