KUALA LUMPUR, June 2 — Bank Rakyat has been recognised as the fastest-growing brand in Malaysia, according to a report by leading brand valuation consultancy Brand Finance.

Based on the Brand Finance Malaysia 100 2023 report, it leads other banking brands by registering a double-digit increase of 49 per cent in brand value to US$382.73 million (RM1.7 billion), Bank Rakyat said in a statement today.

Brand Finance managing director for Asia-Pacific Alex Haigh said Bank Rakyat jumped 10 spots to be placed as the nation’s 25th most valuable brand with a banking brand rating of "AA”.

"Bank Rakyat saw its core operating income rise by 3.42 per cent to RM5.90 billion at the end of 2022 from RM5.71 billion in the previous year, driven by the stronger financing growth in both its retail and business financing businesses.

"This sustained growth was propelled by the increase in gross financing and net growth in treasury assets, which aligned with the brand’s business strategy for the year,” Haigh said in the Brand Finance report.

According to Bank Rakyat, the encouraging achievement was the result of the approach and initiatives to strengthen the bank’s brand through the implementation of its five-year strategic plan, Bank Rakyat 2025.

The plan encompasses six blueprints namely digitalisation; great customer experience; sustainability; human capital; micro, small and medium enterprise and cooperative business; and shariah leadership. — Bernama