KUALA LUMPUR: Bank Muamalat Malaysia Bhd registered a record profit before zakat and taxation (PBZT) of RM256.6 million for the financial year ended December 31, 2021 (FY21).
This represents a growth of 46.8 per cent from RM174.8 million posted in the preceding year.
Bank Muamalat president and chief executive officer Khairul Kamarudin said the stellar performance was largely driven by increased total income, strong financing growth and improved asset quality.
"Bank Muamalat has remained resilient during the challenging period, despite the risks arising from the resurgence of the Covid-19 pandemic and restrictions which impacted business operations, for most parts of last year.
"The tightening of the Covid-19 lockdowns affected individuals and businesses alike, nevertheless the bank continued to assist customers facing financial constraints," he said in a statement today.
The bank also registered growth in total assets by 7.0 per cent to RM27.6 billion from RM25.8 billion in FY20.
This was largely contributed by the 14.46 per cent growth or RM2.6 billion increase in total gross financing to customers, from RM18.2 billion to RM20.9 billion as of December 31 last year, mainly from the consumer banking segment.
The group's common equity tier-1 ratio and total capital ratio remained stable, closing at 13.71 per cent and 17.35 per cent respectively, well above regulatory requirements.
Bank Muamalat said it continued to improve its asset quality, with gross impaired financing positioned at 0.83 per cent as at December 31 last year, compared to 1.07 per cent registered as at December 31, 2020.
"Bank Muamalat has placed greater emphasis on strengthening the business through its new five-year strategic plan by intensifying digitalisation effort, continuous expansion of its customer base and service efficiency.
"The bank is committed to a sustainable growth through the continuous adoption of value-based intermediation initiatives in building stakeholders' confidence and value," Khairul added.
Bank Muamalat expects a better performance this year, arising from the positive momentum in 2021 and coupled with enhanced digital and technology capabilities.