OCBC Al-Amin registers 28% increase in net profit
OCBC Al-Amin Bank Berhad (OCBC Al-Amin) registered a 28% increase in net profit from RM129 million in 2018 to RM164 million last year, its eleventh full year of operation.
With this OCBC Al-Amin has increased its net profit by 9.5 times since its first full year of operations when it registered a net profit of RM17 million in 2009.
The wholly-owned Islamic banking subsidiary of OCBC Bank (Malaysia) Berhad registered a pre-tax profit of RM202 million, representing a 27% increase over the RM159 million achieved in the previous year.
According to Chief Executive Officer Syed Abdull Aziz Syed Kechik, the strong profit growth in 2019 was mainly due to lower allowances, coupled with higher fee-based income and steady financing growth of the business banking segment.
Moving into 2020, he said despite the challenges brought about by the Covid-19 pandemic, OCBC Al-Amin will continue to strive to uphold its position as one of the top two foreign Islamic banks in Malaysia, underpinned by the strength of its parent bank’s franchise as well as by managing risks, maximising collaboration within business units and growing its wealth products platform.
“Barring any significant outcomes relating to Covid-19, we hope to continue with our forward-looking plans.
“We will continue to help those business sectors facing financial difficulties due to Covid-19 to overcome these through banking solutions that support business continuity, which include our participation in the Government’s various relief schemes. We will also continue to support Value Based Intermediation (VBI), an initiative of Bank Negara Malaysia, through which OCBC Al-Amin will focus on sustainable financing as part of our long-term growth strategy.
“Alongside this, we will continue to focus on supporting our customers’ local and regional business needs by matching their business requirements with the OCBC Group’s strong integrated network of regional capabilities, delivering a seamless cross-border experience in business banking.
“In addition, we will continue building our Shariah-compliant wealth management capacity and capability, serving the Premier and Private customer segments through various collaborative initiatives within the OCBC Group. This includes enhancing our digital capabilities to widen our offerings and improve customer experience. We will endeavour to improve sales staff productivity and expand our telemarketing and secured financing sales forces.
“And on the corporate social responsibility front, we will continue to ride on the momentum created by our various corporate and branch efforts of the last few years to fulfil the social needs of the communities in which we operate, maintaining our position as a Bank that cares beyond business,” he said.