KUALA LUMPUR, Aug 27 — Alliance Bank Malaysia Bhd recorded a 36 per cent hike in net profit for the first quarter ended June 30, 2020 (1Q20) to RM104.31 million, compared with RM76.89 million chalked up in the same period last year.
The higher profit was due to higher other operating income, lower operating expense and lower credit losses, the bank said in a filing to Bursa Malaysia today.
Its revenue rose 4.1 per cent to RM421.61 million from RM405.01 million previously, thanks to the improvement in non-interest income, which increased 25.5 per cent year-on-year (y-o-y) to RM94.5 million mainly due to higher treasury and investment income.
The bank recorded a steady loan growth during 1Q20, with gross loans and advances growing 1.7 per cent y-o-y to RM43.4 billion while consumer banking loans grew 2.3 per cent y-o-y.
Small and medium enterprise loans expanded by 10.1 per cent y-o-y, mainly from the loans disbursed under the Credit Guarantee Corporation Programme and Bank Negara Malaysia Special Relief Funds.
In a separate statement, group chief executive officer Joel Kornreich said Alliance Bank would continue to manage its credit risk by providing appropriate temporary relief to its customers who have been most affected by the Covid-19 pandemic.
“The bank has made available various payment relief assistance packages for individuals in targeted segments.
“They include those who have lost their jobs, the bottom 40 (B40) segment, or who work in highly-impacted sectors such as hotels, tour operators or restaurants,” he said. — Bernama
