KUALA LUMPUR: Alliance Bank Malaysia Bhd's net profit jumped 66.2 per cent year-on-year (YoY) to RM172.74 million in the second quarter (Q2) ended September 30, 2021, from RM103.94 million recorded previously.
In an exchange filing today, the bank said this was attributed to higher interest income, net interest margin, and lower credit cost.
Its Q2 revenue decreased 4.5 per cent YoY to RM452.98 million from RM474.45 million on the back of higher contribution from business banking and financial markets as well as investment banking segments.
For the first half (1H) period, Alliance Bank's net profit surged 53 per cent to RM318.76 million from RM208.26 million, while revenue increased 4.5 per cent to RM935.94 million from RM896.05 million.
The bank would continue to extend its payment relief assistance (PRA) packages to help individuals and businesses facing cash flow constraints, given the impact of the Covid-19 pandemic.
This is also in line with the government's announcement of the PEMULIH aid package where all borrowers (including micro-entrepreneurs) are eligible for a six-month loan moratorium or 50 per cent reduction in loan instalments.
To date, the banking group has provided over RM15.1 billion in payment relief assistance of which close to RM12.3 billion in moratoria to businesses and individuals.
The banking group has simplified the application process to make it easier for customers to obtain a PRA package and also
rolled out various relief funds to support its customers impacted by the pandemic.
For the 1H period, Alliance Bank has disbursed over RM280 million from Bank Negara Malaysia's targeted relief and recovery facility.
The banking group will continue to facilitate applications for government relief funds such as the targeted relief and recovery facility, micro-enterprises facility and high tech facility on behalf of our customers.
Alliance Bank would continue to apply prudent management practices while expecting to deliver sustainable returns to its shareholders and strengthen its market presence.