BANK MUAMALAT 9-MONTH PBT INCREASED BY 34.4%

16 February 2011
Source : Bank Muamalat

• 9-month Pre-Tax Profit of RM143.7 million, an increase of 34.4% compared to previous corresponding period’s profits of RM106.9 million;
• Core Capital Ratio and Risk-Weighted Capital Ratio sustained at robust levels of 14.3% and 18.4% respectively

Bank Muamalat Malaysia Berhad announces today that it has recorded a Profit Before Tax (PBT) of RM143.7 million for the 9-month period ended 31 December 2010, a 34.4% increase from RM106.9 million in the previous corresponding period. In the last financial year, the Bank recorded a PBT of RM142.1 million for the 15-month period ended 31 March 2010, which
was a historical high. Additionally, the Bank’s net earnings for the period stood at RM99.3 million as compared to RM75.8 million as at end December 2009.

Increased efforts in marketing and promotion by the Bank contributed to higher financing income and hibah which, coupled with lower provisioning, contributed to this commendable performance. Consequently, distributable income has increased to RM571.8 million as at end December 2010 compared with RM423.3 million in December 2009, reflecting an increase of
35.1%.

Total financing to date increased to RM6.9 billion as at end December 2010, rising from RM6.6 billion in December 2009, reflecting steady demand for its consumer and business offerings. Meanwhile, total customer deposits held firm at RM13.7 billion, similar to the position recorded a year ago, underpinned by year-on-year growth in savings and GIA deposits which
posted increases of 9.2% and 5.4% respectively.

Importantly, the bank’s asset quality continued to strengthen during the period under review, with the gross NPF narrowing to RM394 million, or 21.5% lower from a year ago, as a result of the Bank’s continued efforts on enhancing recovery. The bank’s gross and net NPF ratio registered further improvements to 5.2% and 2.2% respectively as at December 2010.

The bank’s Core Capital Ratio and Risk-Weighted Capital Ratio remained healthy at 14.3% and 18.4% respectively. For the quarter ended December 2010, the Bank recorded a PBT of RM41.6 million and net earnings of RM27.5 million, up from a PBT of RM39.9 million and net earnings of RM25.7 million respectively in the previous corresponding period.

To see the news : www.muamalat.com.my