Alliance Bank Extends RM14 billion Financial Assistance

Alliance Bank Malaysia Bhd today reported that it had extended RM14 billion in financial assistance to businesses and individuals to date. This accounts for 32% of the Bank’s loan book.

Of the total, RM9.8 billion were approved under the Pakej Perlindungan Rakyat dan Pemulihan Ekonomi (PEMULIH) initiative. 

The Bank has also been providing non-financial assistance through its business support programmes to help customers adapt to the realities of the COVID-19 PEMULIH. 

It has the BizSmart® Solution portal that helps business owners transform and digitise their business, access relevant business solutions and resources as well as manage operational expenses. 

At the same time, the #SupportLokal initiative helps fast-track the listing of local businesses’ products and services on popular e-commerce sites through partnerships with Shopee and Pybli.

“In addition to providing immediate financial and non-financial assistance, we are also helping our customers plan and reposition for growth so they can quickly expand once the market recovers,” said Joel Kornreich, Group CEO of Alliance Bank. 

The bank says in the first quarter of FY2022, it enrolled 900 business owner clients to be new consumer banking customers. The aim is to sign up 8,000 this financial year, says Kornreich.

Financial Performance 

For the first quarter of the financial year ending March 31, 2022 (1QFY2022), the Bank posted revenue of RM483 million. 

The Bank’s net interest income (including the Islamic Banking segment) improved to RM364.5 million, mainly driven by the optimisation of deposit mix and repricing of Fixed Deposits. Net interest margin was 2.5%.

Improved revenue and prudent expense management saw pre-provision operating profit grow to RM289.6 million. At the same time, the cost-to-income ratio was lower at 40%. 

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