Alliance Bank Malaysia Berhad announced a net profit after tax of RM512.7 million for the nine months ended 31 December 2023 (“9MFY2024”) this was slightly lower compared to 9MFY2023 when the group achieved RM547 million.
For the current quarter under review, the bank recorded a net profit of RM176 million on the back of RM509 million in revenue which was rather flat versus Q3FY2023.
Its net interest income grew 1.8% year-on-year which the bank said was driven by higher loans volume while net interest margin was at 2.48%. Non-interest income performed well, growing 18.9% to RM230.7 million, mainly from higher wealth management income, foreign exchange fees as well as banking services fees. Overall revenue grew 3.7% YOY to RM1.5 billion while cost-to-income ratio was at 48.2%.
The Bank maintained its growth velocity in the business banking segment, acquiring 9,200 new-to-bank business customers and achieving double digit SME loan growth. This enabled the Bank to continue gaining SME loan market share, which has now exceeded 5.1%. The Bank’s focus on supporting business customers through their life cycle has translated into strong growth in business banking client fee income (+28% YOY).
The consumer segment continued to expand at an accelerated pace with 80,000 new-to-bank customers, driven by digital acquisition and focus on the emerging affluent segment. Accordingly, consumer loans grew 10.8% YOY, outpacing the industry’s 6.6% growth as at December 2023.
The Bank successfully achieved a cumulative RM12.3 billion of new sustainable banking business as it moves closer towards the RM15 billion FY2027 goal.
