OCBC Al-Amin's net profit increases to RM164mil in 2019

  • Banking
  • Monday, 01 Jun 2020

OCBC Al-Amin Bank Bhd chief executive officer Syed Abdull Aziz Syed Kechik

KUALA LUMPUR: OCBC Al-Amin Bank Bhd’s net profit in 2019 increased 28 per cent to RM164 million compared to RM129 million in the previous year.

With this increase, OCBC Al-Amin’s net profit rose 9.5 times since its first full year of operations when it registered a net profit of RM17 million in 2009, the bank said in a statement today.

The wholly-owned Islamic banking subsidiary of OCBC Bank (Malaysia) Bhd registered a pre-tax profit of RM202 million in 2019, representing a 27 per cent increase over the RM159 million achieved in the previous year.

Its chief executive officer, Syed Abdull Aziz Syed Kechik said the strong profit growth in 2019 was mainly due to lower allowances, coupled with higher fee-based income and steady financing growth of the business banking segment.

Moving into 2020, he said despite the challenges brought about by COVID-19, OCBC Al-Amin will continue to strive to uphold its position as one of the top two foreign Islamic banks in Malaysia, underpinned by the strength of its parent bank’s franchise, as well as by managing risks, maximising collaboration within business units and growing its wealth products platform.

"Barring any significant outcomes relating to COVID-19, we hope to continue with our forward-looking plans.

"We will continue to help those business sectors facing financial difficulties due to COVID-19 to overcome these through banking solutions that support business continuity, which include our participation in the government’s various relief schemes,” he said.

He said the company will also continue to support the Value-Based Intermediation (VBI), an initiative of Bank Negara Malaysia, through which OCBC Al-Amin will focus on sustainable financing as part of its long-term growth strategy. - Bernama

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