Bank Muamalat profit up on lower cost of funds

KUALA LUMPUR: Bank Muamalat Malaysia Bhd’s pre-tax profit for financial year ended Dec 31, 2009 rose by 168.7% to RM118.4mil compared with the preceding 12 months.

Its net profit rose by 157.5% to RM82.3mil compared with the corresponding period in 2008.

In a statement yesterday, the bank said the enhanced performance was achieved despite the challenging global economic environment in the first half of the year, which subsequently improved in the latter half of 2009.

“The lower cost of funds amid the accommodative monetary stance during the year and enhanced cost discipline have contributed to the substantial gains in earnings,” it said.

Bank Muamalat said total assets increased to RM15.9bil, equivalent to a 10.5% increase on an annualised basis, while net financing rose to RM6.6bil from RM6bil a year ago.       “Customer deposits grew to RM13.7bil, or 10.4%, higher compared with the same period in 2008,” it said.

Bank Muamalat said its net profit for the latest quarter ending Dec 31, 2009 increased to RM25.7mil from RM9.5mil previously.

The improvement was mainly attributed to improved credit recoveries, it said. — Bernama

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