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,By FY2025, the bank plans to provide RM5bil in sustainable financing.

KUALA LUMPUR: Alliance Bank Malaysia Bhd reported net profit of RM146.01mil in the first quarter ended June 30, 2021 compared with RM104.31mil a year ago.

In a statement on Friday, it said its revenue increased by 14.5% to RM482.95mil compared with RM421.61mil. Earnings per share were 9.43 sen compared with 6.74 sen.

Alliance Bank said the bank’s net interest income (including the Islamic banking segment) improved to RM364.5mil, mainly driven by the optimisation of deposit mix and repricing of Fixed Deposits (FD). Net interest margin was 2.5%.

“Improved revenue and prudent expense management saw pre-provision operating profit grow to RM289.6mil,” it said. At the same time, the cost-to-income ratio was lower at 40%.

The bank’s net credit cost remained at 21.8 bps, which included a management overlay of 14.9 bps. The overlay accounts for risks related to vulnerable sectors and increased loan modifications due to the Covid-19 impact.

The bank’s current account and savings account (CASA) deposits grew RM4.6bil or 25% on-year driven by robust sign-ups of Alliance SavePlus Account. This resulted in an improved CASA ratio of 49.4%, which is one of the highest in the industry.

Alliance Bank said it had extended RM14bil in financial assistance to businesses and individuals to date. This accounts for 32% of the bank’s loan book. Of the total, RM9.8bil were approved under Pemulih initiative.

Its group CEO Joel Kornreich said the bank aims to be the preferred bank of business owners.

It will build scale in its SME, commercial and key consumer segments such as wealth management.

To reach its SME ambitions, the bank will enhance its product propositions and adopt a multi-channel approach in serving these customers. It recently launched a new Digital SME unit to acquire and serve the smaller SME segment using remote interactions.

In the consumer segment, the bank intends to establish consumer banking relationships with 70% of its business owner base by FY2026 and acquire over 100,000 new customers per year.

“In the first quarter of FY2022, we enrolled 900 business owner clients to be our new consumer banking customers, and aim to sign up 8,000 this financial year,” he said.

Kornreich said Alliance Bank, in its strategy to grow its wealth management business, it will continue to introduce innovative wealth solutions such as the portfolio financing programme, and equip its relationship managers with enhanced digital tools to provide relevant financial advice.

He also said the bank will also launch a number of financial advisory hubs in key locations to serve customers better.

“In tandem with the bank’s growth ambitions, its Islamic subsidiary aims to contribute more than 25% to the Group’s pre-provision operating profit by FY2025.


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