Bank Muamalat Malaysia Berhad has recorded a stellar performance for FY2021 registering a record profit before zakat and taxation of RM256.6 million for the financial year, this represents a growth of 46.8% from RM174.8 million posted in the previous corresponding period.
President & Chief Executive Officer, Khairul Kamarudin said the performance was largely driven by increased total income, strong financing growth, and improved asset quality.
“Bank Muamalat has remained resilient during the challenging period, despite the risks arising from the resurgence of the COVID-19 pandemic and restrictions which impacted business operations, for most parts of last year. The tightening of lockdowns affected individuals and businesses alike, nevertheless, the Bank continued to assist customers facing financial constraints,“ said Khairul.
The Group also registered growth in total assets by 7.0% to RM27.6 billion, as compared to RM25.8 billion in the previous financial year. This was largely contributed by the 14.46% growth or RM2.6 billion increase in total gross financing to customers, from RM18.2 billion to RM20.9 billion, as of 31 December 2021, mainly from the consumer banking segment. Its Common Equity Tier-1 Ratio and Total Capital Ratio remained stable, closing at 13.71% and 17.35%, respectively; well above regulatory requirements.
the bank continued to improve its asset quality, with Gross Impaired Financing positioned at 0.83% as of 31 December 2021, compared to 1.07% registered as of 31 December 2020.
“Bank Muamalat has placed greater emphasis on strengthening the business through its new 5-Year strategic plan by intensifying digitalization effort, continuous expansion of its customer base, and service efficiency. The Bank is committed to sustainable growth through the continuous adoption of value-based intermediation initiatives in building stakeholders’ confidence and value, “ said Khairul.
