Alliance Bank's Acceler8 strategy gains traction


KUALA LUMPUR: Alliance Bank Malaysia Bhd is beginning to see results of efforts to broaden its growth focus in its key segments and expand its market share.

"In the financial period under review, Alliance Bank made significant progress towards its Acceler8 strategy targets and continues to strive towards becoming a bank for the community," said group CEO Kellee Kam in a statement.

In the second quarter of its 2024 financial year (2QFY24), the bank reported a net profit of RM185.33mil as compared to RM158.42mil in the previous corresponding quarter, representing an earnings per share of 11.97 sen as compared to 10.23 sen previously.

Revenue during the quarter under review rose to RM528.1mil as compared to RM480.57mil in the 2022 quarter.

The bank declared a first interim dividend of 10.85 sen per share, representing a total dividend payout ratio of 50%.

Cumulatively, the bank's six months net profit was RM335.87mil as compared to RM370.58mil 6MFY23 while revenue stood at RM994.36mil against RM954.65mil in the year-ago period.

During the financial period, the bank said it acquired 61,000 new-to-bank customers, which represented an increase of more than 40% year-on-year (y-o-y).

"The bank’s continued focus on digitalisation and targeted approach towards high-networth individuals and young professionals has led to a record first half expansion of 42% y-o-y in new-to-bank acquisition in the consumer banking segment.

"In tandem with this, consumer banking loans grew about 1.6 times faster than industry average," said Kam.

Meanwhile, Alliance Bank's business banking segment acquired 6,200 new-to-bank business customers, representing 30% growth y-o-y.

There was also strong growth in loans to SMEs, which outpaced industry growth by 1.8 times.

In the Islamic financing business, the bank maintained its momentum with 7% y-o-y growth, driven by the bank’s flagship Halal in One programme.

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Alliance Bank , Kellee Kam , Acceler8 , growth , strategy

   

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