OCBC Al-Amin profit jumps 27%

In a statement, CEO Syed Abdull Aziz Syed Kechik(pic) 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.

KUALA LUMPUR: OCBC Al-Amin Bank Bhd's net profit surged 27% to RM192mil in the financial year ended Dec 31, 2017 (FY17) from the RM151mil registered in 2016.

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.