KUALA LUMPUR – The OCBC Al-Amin Bank Bhd has enjoyed a 27% net profit from the RM151million registered in 2016 to RM192million in the financial year ended December 31, 2017.
This profit surge has increased net profit of the wholly-owned Islamic banking subsidiary of OCBC Bank more than 11 times since its first full year of operations, when it registered a net profit of RM17mil in 2009. Before tax, RM253million profits were recorded which is 33% increase from RM191mil in 2016.
The Chief Executive Officer, Syed Abdull Aziz Syed Kechik, in a statement, said the robust profit growth observed in 2017 was due to higher fee-based income derived largely from the bank’s Shariah-compliant wealth management and investment banking segments, effective cost management, steady income from business banking and lower allowances.
Moving forward, he said OCBC Al-Amin would continue to build capacity in the Islamic banking wholesale and retail segments, and reinforce its existing strong network of distribution channels to acquire new customers and offer innovative solutions to existing and potential customers. These strategies are expected to yield more profits in 2018.
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