KUALA LUMPUR, Aug 30 ― Alliance Bank Malaysia Bhd recorded a net profit of RM212.16 million in the first quarter ended June 30, 2022 (Q1 2022) from RM146.01 million in the same period last year, due to higher net interest income, lower operating expenses and credit cost.

Revenue, however, eased to RM474.07 million from RM482.95 million previously, it said in a filing with Bursa Malaysia.

On prospects, the bank said it will focus on growing its business prudently in three areas, namely acquiring more customers; capitalising on consumer and business banking franchises; and enhancing productivity and efficiencies.

The group will continue to focus on addressing asset quality concerns by continuing to prioritise customer engagement and continue managing its loan portfolio with refined credit underwriting to support business growth.

"With these focus areas, and continuing effort to apply prudent management practices, the group expects to deliver sustainable returns to our shareholders while strengthening our market presence,” it said.

Alliance Bank expects Bank Negara Malaysia to raise the overnight policy rate (OPR) by another 25 basis points by year-end, raising the OPR to 2.50 per cent from 2.25 per cent currently.

Meanwhile in a statement, Alliance Bank group chief executive officer Joel Kornreich said the bank would focus on delivering greater value, support and convenience to customers through enhanced digital solutions.

The bank will continue to help the small and medium enterprises (SMEs) adopt sustainable practices through its environmental, social and governance-focused sustainability assistance programme.

Complementing the programme, the bank also rolled out the low-carbon transition facility for the SMEs.

"In first quarter of financial year 2023 (Q1 FY2023), the bank achieved RM1.9 billion in new sustainable business, more than half its FY2023 target of RM2.6 billion,” it said. ― Bernama