Co-op Bank Pertama targets RM410m of income this year

The bank is positive in achieving the target due to the various products they have at the moment, as well as an efficient team, says chairman 


CO-OP Bank Pertama aims to gain a total income of RM410 million this year where the bank expects to derive RM297 million from financing. 

Its chairman Datuk Baharom Embi said the total equals 72% of contribution to its operational income. 

He said the bank is optimistic in achieving the target due to the various products they have at the moment, as well as efficient planning that the team has which would attract more customers and thus increase income. 

“This target is based on our achievement as at November 2021 where Ar-Rahnu services issued financing worth RM254.22 million. It surpassed our 2020 target and we expect this issuance to reach RM300 million by December. 

“Despite facing a challenging economic situation, I think this is a positive achievement and I am confident that for the financial year 2021, Co-op Bank will achieve a new record,” he said in a statement recently. 

The bank’s financing segment and Ar-Rahnu have been the main contributors, said Baharom, on top of other financing such as those for housing, fixed deposits and sukuk. 

The group plans to promote all of its products while introducing new ones based on customers’ demand. 

He added that the bank is also focused on strengthening its five-year strategic plan which highlights five agendas namely a variety of products and services; enhanced operational efficiency; increased surveillance; environmental, social and governance and high-performance work culture. 

“Based on the plans that will end by 2025, it will bolster Co-op Bank’s brand as the main co-op bank in the country by 2026. 

“Several new products and business models will be introduced via this strategic plan which will be in line with the customers’ demand to ensure the bank’s brand remains as the customers’ first choice,” he added.