KUALA LUMPUR (June 4): Affin Holdings Bhd, the country's second smallest lender,  has appointed Nazlee Khalifah as the chief executive officer of its wholly-owned subsidiary Affin Islamic Bank Bhd effective June 3.

Nazlee replaces Kamarul Ariffin Mohd Jamil, who was promoted on March 30 this year to head Affin.

In a filing with Bursa Malaysia today, Affin said Nazlee has some 23 years of experience in the banking industry, primarily in developing and implementing business strategies.

“Nazlee has made many significant contributions during his six-year tenure with Affin Bank Group, including Affin Islamic Bank, particularly in the areas of strategic business initiatives of the group's five-year Strategic Plan 2014-2018,” Affin said.

Affin added that Nazlee had joined the bank’s business banking division on Feb 3, 2009 as head of business strategy and support. In April 2011, he was subsequently promoted as the chief corporate strategist.

For the financial year ended Dec 31, 2014 (FY14), Affin Islamic Bank registered a 13% increase in net profit to RM66.6 million or 18.5 sen per share from RM58.94 million or 16.4 sen per share, on a 10% increase in net income to RM211.18 million from RM191.22 million a year ago. As at Dec 31, 2014, Affin Islamic Bank’s total asset stood at RM12.72 billion.

Currently, Affin Islamic Bank has nine branches located in Kuala Lumpur, Selangor, Negri Sembilan, Penang, Terengganu and Kedah.

Affin (fundamental: 1.1; valuation: 2.25) shares closed 0.72% higher at RM2.78 today, with 429,900 shares traded, giving it a market capitalisation of RM5.36 billion.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)