The Malaysian Reserve

Alliance Bank to scale up consumer lending

Alliance Bank Malaysia Bhd Group CEO Joel Kornreich at the Press Conference at Kuala Lumpur

by TMR / pic by MUHD AMIN NAHARUL

ALLIANCE Bank Malaysia Bhd targets to expand its two core businesses, consumer lending and small and medium enterprises’ (SME) banking for the financial year ending March 31, 2019.

In an exchange filing last week, the banking group noted its key priority is to increase its sales capacity to accelerate loan growth via loan process automation to reduce processing and turnaround time.

Its group CEO Joel Kornreich (picture) said the bank plans to continue efforts in building its digital capabilities and strengthening its position in the SME and consumer spaces.

The bank registered a net profit of RM136.37 million for its first quarter ended June 30, compared to a net profit of RM135 million made in the same period a year ago.

The bank’s risk-adjusted return loans grew by 21.3% year-on-year (YoY), while overall net loans gained by 3.6%, while its return on equity increased to 10.2%, in line with guidance.

Net income for the period grew by RM14.5 million due to expansion of total gross loans by RM1.5 billion.

Alliance Bank’s overall revenue registered a 3.8% YoY increase to RM401.1 million. — TMR