BUKIT MERTAJAM, Jan 10 — Co-opbank Pertama Malaysia Bhd (CBP) has targeted to achieve a profit of more than RM90 million this year.

Chairman Kamari Zaman Juhari said the cooperative bank is in the midst of launching several new products to enable customers to enjoy the benefits, among them, creating CBP agent channels at the lower level, besides providing other Shariah-compliant products such as i-Factoring and i-Contract.

“i-Factoring, i-Contract (are Islamic) as we are Shariah-based...or in simple terms, contract financing. That is new and there are other new products that we are developing, namely adding CBP bank agent channels.

“Through bank agents, we don’t need branches and customers can go to the agents at retail stores to carry out banking transactions but at the lower level to enable customers to undertake banking activities such as making deposit, withdrawal, fund transfer, and others.

“We are currently doing the pilot project and we will roll it out nationwide soon,” he told a press conference after officiating the “Back to School Programme Region 1 CBP 2020” here, today.

He said CBP also has new products that it wants to promote namely through i-Salam Savings which targets a different customer segment.

“i-Salam Savings is a product targeting a different market segment, which depends on the individual profile such as students, those who want to perform hajj, traders...and they can save with CBP to meet their aspiration.

“(The) incentive that we give is higher than normal savings...if we look at savings at most banks, they are less than 1.0 per cent, but CBP gives as high as 1.75 per cent for savings account,” he said.

Yesterday, Bernama reported that CBP’s profit in 2020 surpassed its target for the year despite the uncertain economic condition due to the impact of the Covid-19 pandemic.

Without stating the 2020 profit figure, Kamari Zaman said the bank’s profit before zakat and tax increased 16.9 per cent compared with the previous year. Its 2020 target was RM86.2 million.

Earlier, through the Back to School programme, Kamari Zaman said a total of 1,200 students from the Bottom 40 group received assistance in the form of vouchers worth RM200 each to purchase school supplies.

“For today’s programme, CBP has allocated RM240,000 as its corporate social responsibility to help and reduce the burden of the underprivileged group,” he added. — Bernama