KUALA LUMPUR, Nov 15 — Co-opbank Pertama Bhd (CBP) is aiming to achieve a total profit of RM90.98 million compared to RM85.11 million recorded last year, said Entrepreneur Development and Cooperatives Minister Tan Sri Noh Omar.
As of September 2021, CBP’s profit stood at RM63.14 million.
“The profit will be driven by various CBP portfolios,” he told a press conference after a briefing on the establishment of the Federation of Cooperative Financial Services today.
CBP has been identified as the provider of funds for cooperatives in the plantation, agriculture, tourism, retail and housing sectors.
“It also plays an important role in the implementation of the National Cooperatives Transformation Plan 2021-2025 to reduce reliance on government funds,” he added.
Commenting on CBP’s performance and prospects for next year, Noh said CBP will introduce several new products related to retail banking and strengthen its digitalisation initiatives to increase access for new customers as well as convenience for existing customers.
“We are targeting growth of between 10 per cent and 15 per cent next year,” he added.
Meanwhile, Noh also hoped that more cooperatives would change their status to cooperative banks to help cooperative members.
“For example, CBP has 91,730 individual members and 720 cooperatives with member shares worth RM947 million.
“Being a cooperative member gives Malaysians — especially Bumiputeras — the opportunity to gain access to financing assistance to expand their businesses,” he added. — Bernama
