OCBC Al-Amin’s net profit surges 27 per cent in FY17
KUALA LUMPUR: OCBC AlAmin Bank Bhd’s net profit surged 27 per cent to RM192 million in the financial year ended Dec 31, 2017 (FY17) from the RM151 million 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 RM17 million in 2009.
Pre-tax profit soared 33 per cent to RM253 million in FY17 from RM191 million previously.
In a statement, chief executive officer Syed Abdull Aziz Syed Kechik, said the strong profit growth in 2017 was mainly due to higher fee-based income derived largely from its syariah-compliant wealth management and investment banking segments, steady income from business banking, effective cost management and lower allowances.
“We continued to invest in producing a solid range of product offerings, especially in the areas of Shariah-compliant wealth management and mortgages and are pleased to see the results,” he said.
Moving forward, he said OCBC Al-Amin would continue to build capacity in the Islamic banking wholesale and retail segments, and reinforce its existing strong network of distribution channels to acquire new customers and offer innovative solutions to existing and potential customers.
“We are among the top two foreign Islamic banks in the country and are looking to making even further strides in 2018,” he added.