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KFHMB's standalone credit profile, however, remains characterised by weak asset quality and a modest earnings performance.
KFHMB has maintained a conservative approach to financing since 2013, recording a modest growth of 9.2 per cent y-o-y in gross financing in 2014 (2013: 9.1 per cent) against a domestic Islamic industry average of 18.4 per cent (2013: 20.0 per cent).
KFHMB registered a net profit of MYR 94.4 million in FY2013 (FY2012: MYR 63.5 million) on the back of significant write-back of impairments on financing, advances and other receivables amounting to MYR 108.1 million (2012: MYR 14.5 million).
As at end-1H2014, KFHMB's Tier 1 and total capital ratios remains strong at 16.7 per cent and 19.9 per cent respectively despite a decline from the previous year (2013: 17.4 per cent; 21.2 per cent).
MARC assesses the risk of potential eventual removal of parent support as low, as reflected in its stable outlook on KFHMB's ratings which mirrors that of KFH's ratings.
As at end-June 2013, KFHMB's gross im‎paired financing ratio remains high at 11.7 per cent, albeit down from its year end 2012 level of 15.6 per cent.
Mr Shaheen Alghanem, Chairman of KFHMB said, a[euro]With over 30 years of experience, Kuwait Finance House is pleased to expand its operations into this region, beginning with the establishment of the Malaysian operations in 2005.
The Chairmana[euro](tm)s contentment at the progress of KFHMB since its inception and latest set-up in Singapore is echoed by Datoa[euro](tm) K.
Downside risks to noteholders arising from AirAsia's credit profile are mitigated by the guarantee provided by KFHMB. Any rating action for the Sukuk Ijarah programme will be mainly driven by changes in KFHMB's credit rating and outlook.
The long-term rating of KFHMB is notched down from KFH, reflecting MARC's assessment that the creditworthiness of the former is highly correlated with the credit strength of KFH, taking into account KFH's 100 per cent ownership of KFHMB, the name sharing and MARC's view that the Malaysian market represents an important geographic market for the group.
Puan Jamelah Jamaluddin, Chief Executive Officer, KFHMB said, "With the increasingly competitive environment, customers are looking for enhanced services from their banks.
Puan Jamelah said, "Our cooperation with one of Japan's leading financial services groups demonstrates Nomura's trust in KFHMB, and in the strength of Islamic finance products.
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