With this, the wholly-owned Islamic banking subsidiary of OCBC Bank (Malaysia) Bhd has increased its net profit more than 11 times since its first full year of operations, when it registered a net profit of RM17mil in 2009.
Pre-tax profit soared 33% to RM253mil in FY17 from RM191mil previously.
In a statement, Chief Executive Officer Syed Abdull Aziz Syed Kechik, said the strong profit growth in 2017 was mainly due to higher fee-based income derived largely from its Shariah-compliant wealth management and investment banking segments, steady income from business banking, effective cost management and lower allowances.
“We continued to invest in producing a solid range of product offerings, especially in the areas of Shariah-compliant wealth management and mortgages and are pleased to see the results,” he said.
Moving forward, he said OCBC Al-Amin would continue to build capacity in the Islamic banking wholesale and retail segments, and reinforce its existing strong network of distribution channels to acquire new customers and offer innovative solutions to existing and potential customers.
“We are among the top two foreign Islamic banks in the country and are looking to making even further strides in 2018,” he added. - Bernama
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