ALLIANCE BANK POSTS RECORD NET PROFIT OF RM690.47 MLN IN FY2024

KUALA LUMPUR, July 22 (Bernama) -- Alliance Bank Malaysia Bhd posted a record net profit of RM690.47 million for the financial year ended March 31, 2024 (FY2024), compared to RM677.84 million in the previous year.

Revenue also increased to RM2.02 billion from RM1.91 billion previously. 

"The revenue growth was attributed to improvements in both net interest income (NII) and non-interest income (NOII). 

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"NII grew 4.1 per cent year-on-year (yoy) to RM1.72 billion, with the net interest margin staying within guidance at 2.48 per cent,” it said in a statement.

Alliance Bank's NOII, excluding brokerage, grew by 15.1 per cent yoy to RM300.2 million, spurred by higher income from wealth management, foreign exchange fees and banking services fees.

“The cost-to-income ratio for the year stood at 48.2 per cent," it said.

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The bank has proposed a second interim dividend of 11.45 sen per share, bringing the total dividend to 22.3 sen per share, reflecting a 50 per cent total dividend payout ratio. 

This results in a total dividend declaration of RM345.2 million for the financial year.

The bank's Acceler8 transformation strategy continues to yield positive results across all eight of its growth pillars, making significant strides towards becoming The Bank For Life for its stakeholders. 

The bank's focus on ESG-centric solutions, strengthened by partnerships with entities like United Nations Global Compact Malaysia and Brunei and state-wide collaborations, led to a substantial increase in approved loans through the Sustainability Impact Programme.

“With a cumulative RM420 million in loans approved, Alliance Bank achieved over 140 per cent of its FY2024 green financing target of RM300 million," it said.

The opening of the new Saradise branch in Kuching, Sarawak, earlier this year, along with a new branch in Jalan Kelawai, Penang, scheduled for opening in FY2025, is expected to further enhance operations in these states.

Alliance Bank group chief executive officer Kellee Kam said the full-year performance validates the bank’s strategic direction as it continues to transform and fulfil its brand purpose of becoming The Bank For Life for customers, delivering value and serving as a dependable partner at every step of their financial journey.

-- BERNAMA