Alliance Bank’s 2Q pre-tax profit eases to RM170.18 mln

KUALA LUMPUR: Alliance Bank Malaysia Bhd recorded a lower pre-tax profit of RM170.18 million for the second quarter ended Sept 30, 2017 from RM175.59 million in the same period last year.

Revenue, however, improved to RM393.88 million from RM359.72 million, previously. In a filing to Bursa Malaysia yesterday, Alliance Bank said the increased revenue was mainly from higher net interest income and other operating income.

For six months ended Sept 30, 2017 (1HFY18), the group’s pre-tax profit eased to RM350.17 million from RM351.0 million in the same period last year, while revenue advanced to RM780.49 million from RM723.53 million previously.

In a separate statement, Group Chief Executive Officer, Joel Kornreich said the financial performance for 1HFY18 indicated a steady and stable growth, with a strong return on equity of 10 per cent, which was above industry average.

“In 1HFY18, loans growth in the small and medium enterprises sector remained strong, which grew by 9.1 per cent year-on-year, with excellent gross impaired loans ratio standing at 1.6 per cent,” he added.

Moving forward, Kornreich said the group would continue to focus on developing innovative yet practical solutions to serve its customers, as well as enhancing existing operational systems for higher performance and productivity. — Bernama