KUALA LUMPUR, Feb 27 (Bernama) -- Alliance Bank Malaysia Bhd recorded a lower net profit of RM176.86 million in the third quarter (3Q) ended Dec 31, 2023, from RM177.10 million in the same period a year ago, mainly due to higher operating expenses.
Revenue improved to RM509.91 million from RM496.54 million previously, it said in a filing with Bursa Malaysia.
On a quarter-on-quarter performance, net interest income was recorded at RM442.3 million, an increase of RM3.8 million or 0.9 per cent, mainly due to higher loan growth and overnight policy rate (OPR) hike.
Net interest margin (NIM) was at 2.49 per cent compared with 2.75 per cent in the same period previously.
Meanwhile, other operating income increased by RM9.6 million or 16.5 per cent mainly due to higher wealth management and banca fee income, foreign currency sales, trade fees and processing fees.
"We expect Malaysia’s economic growth trajectory to be supported by sustained domestic demand due to the continued improvement of the labour market conditions.
“Nevertheless, we remain cautious and mindful of the downside risks to growth stemming from external uncertainties especially escalating geopolitical tensions and tightening financial conditions," the bank said.
-- BERNAMA
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