MD: Bank Rakyat sees RM400m profit for FY 2003

BANK KERJASAMA Rakyat Malaysia Bhd is anticipating pre-tax profits of some RM400mil for its financial year ended December 2003, said managing director Alim Ariffin said. 

“Our profit for 2003 is still unaudited, but we are considering our profit before tax of about RM400mil. We are on target,” he said in Kuala Lumpur yesterday. 

For this year, the bank was maintaining its annual profit growth target of 15%, Alim said after the signing of a memorandum of understanding between Bank Rakyat and Cosmopoint Sdn Bhd for the provision of Al-Falah loan facility to the latter's students. 

Bank Rakyat registered RM333.3mil in profits for the year ended December 2002 and had declared a 15% dividend. 

Alim said the bank exceeded its annual loan growth target of 12% when it achieved 16% growth last year. 

He said retail sector was the biggest contributor to this growth and that hire-purchase, leasing, housing and education made up the rest.  

“This year we are targeting 16% loan growth,” Alim added. 

On the 5.2% gross domestic product growth for 2003, he said: “We are definitely very happy because once the economy is booming, the bankers will be smiling.” – Bernama  

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