CBP aims to give out RM3.5b loans this year

RM3.5 billion worth of financing this year is expected to be given out to small and medium enterprises (SMEs) and cooperatives by Co-opbank Pertama Malaysia Bhd. — Reuters pic
RM3.5 billion worth of financing this year is expected to be given out to small and medium enterprises (SMEs) and cooperatives by Co-opbank Pertama Malaysia Bhd. — Reuters pic

KUALA LUMPUR, April 30 — Co-opbank Pertama Malaysia Bhd (CBP) aims to give out RM3.5 billion worth of financing this year to small and medium enterprises (SMEs) and cooperatives, up from RM2.6 billion in 2018.

Chairman Kamari Zaman Juhari said the growth in loans will be supported by the impending launch of more quality projects with the economy strengthening, as well as campaigns by the bank.

He said CBP projects profits to rise to RM83 million this year from RM53 million last year.

“Basically (the growth will be) due to growth in loans,” he said, adding the bank’s recently launched PSK scheme for cooperatives is also expected to contribute to the profit rise.

He was speaking to reporters after the launch of the bank’s new logo and mobile banking service by Enterprise Development Minister Datuk Seri Mohd Redzuan Yusof today.

Last month, CBP announced an allocation of RM700 million for the PSK scheme to help cooperatives nationwide obtain financing facilities through six financing products approved by the Cooperative Societies Commission (SKM), including i-factoring, i-contract, extended financing, periodic financing and revolving credit.

Kamari Zaman said the mobile banking service launched today is one of the bank’s strategic initiatives to extend its banking services to remote customers.

“Customers may conduct basic banking transactions such as deposits, withdrawals and fund transfers without the need to go to a CBP branch,” he said, adding the mobile service will begin operations in the Klang Valley and Johor in early March next year with its banking agent service expected to be launched in the fourth quarter of this year. — Bernama