KUALA LUMPUR, June 25 — Alliance Bank Malaysia Bhd’s net profit for the full year ended March 31, 2020 declined 21.1 per cent to RM424.26 million from the same period last year due to credit losses stemming from the impairment of a few large accounts during the first quarter of this year.
In a filing with Bursa Malaysia, the bank said net profit was also affected by increased credit costs from its mortgage portfolio and the early effects of the Covid-19 pandemic.
However, its revenue rose to RM1.69 billion from RM1.62 billion previously driven by improvement in non-interest income.
According to the bank, gross loans and advances grew by 2.2 per cent year-on-year (YoY) to RM43.7 billion, small and medium-sized enterprise (SME) loans expanded by 7.8 per cent YoY and consumer unsecured loans grew by RM208 million or 10.6 per cent YoY.
The bank pointed out that it will be paying close attention to managing credit and liquidity risks amid the uncertain outlook.
“We’ll also be working out the details of post-moratorium repayment arrangements with our customers and remain vigilant in managing our credit portfolios as well as conservative in our provisioning practices,” it added. — Bernama
