SME Bank delivers financial targets amid headwinds


Chairman Datuk Seri Nazir Ariff (pic) said the bank started 2020 on a positive momentum as it advanced its transformation into a digital and customer-centric development financial institution (DFI).

KUALA LUMPUR: Delivering on the financial mandate and embracing digitalisation were key contributors to the successful performance of SME Bank last year amid extraordinary headwinds.

Chairman Datuk Seri Nazir Ariff (pic) said the bank started 2020 on a positive momentum as it advanced its transformation into a digital and customer-centric development financial institution (DFI).

“Despite the challenges, SME Bank successfully delivered its financial targets, having approved RM2.8bil financing to 2,030 small and medium enterprises (SMEs) during the year, ” he said in a statement.

According to him, of the total financing approved, 50.4% were for small category SMEs and 36.6% were for medium-sized entrepreneurs.

“The top three sectors that received the approvals were wholesale and retail trade as well as restaurants and hotels at 26.7%, construction at 17.3%, and manufacturing at 16.8%, ” Nazir said.

The bank recorded pre-tax profit of RM134.8mil for the financial year 2020 compared with RM213.9mil in 2019. — Bernama

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