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Bank Islam expects record 2013 profit

February 18, 2014

Sulaiman Jaafar

KOTA BARU: Bank Islam Malaysia Bhd is likely to post a record profit in 2013 but foresees a more difficult path this year, said managing director Datuk Seri Zukri Samat.

He said last year's results are expected to be the bank's best performance since it was established 31 years ago, adding that details of the financial results will only be officially announced by the end of the month.

This year, Zukri expects a sluggish trend in consumer banking as the consumer confidence index has dropped.

"Our strength is in consumer banking, which makes up 75 per cent of our business. To make up for this, we will focus on commercial and corporate banking this year.

"We hope to achieve a 70:30 ratio between consumer and corporate banking by the end of the year," he said after the opening of Bank Islam's 134th branch by Menteri Besar Datuk Ahmad Yakob in Padang Garong, here, yesterday.

Zukri said the bank will continue with its expansion plan this year, with new branches to be unveiled in Wakaf Baru here; Jalan Chan Sow Lin and Sri Damansara in the Klang Valley; Bandar Enstek in Negri Sembilan; Gong Badak in Terengganu; Mount Austin in Johor; and Puchong in Selangor.

"Our target is to have 150 branches nationwide by next year. We will open a new Ar-Rahnu branch this year in Kuala Terengganu, Alor Star and Sungai Petani, Kedah, in addition to the five existing branches," he said.

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Source: Business Times (Malaysia)

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