KUALA LUMPUR: OCBC Al-Amin Bank Bhd's net profit increased 28 per cent to RM164 million in the year ended December 31, 2019 (FY19) from RM129 million in 2018.
The wholly-owned Islamic banking subsidiary of OCBC Bank (Malaysia) Bhd said with this, it had increased its net profit by 9.5 times since its first full year of operations of RM17 million net profit in 2009.
The bank registered a pre-tax profit of RM202 million, representing a 27 per cent increase over the RM159 million achieved in the previous year.
OCBC Al-Amin chief executive officer Syed Abdull Aziz Syed Kechik said the strong growth was mainly due to lower allowances, coupled with higher fee-based income and steady financing growth of the business banking segment.
Syed Abdull said despite the challenges brought about by the Covid-19 pandemic, OCBC Al-Amin would continue to strive to uphold its position as one of the top two foreign Islamic banks in Malaysia.
The bank will maintain its position with 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.
"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," he said.
Syed Abdull said the bank would continue building its 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," he said.