Alliance Bank will focus on customer acquisition

PETALING JAYA: Alliance Bank Malaysia Bhd will focus on expanding customer acquisition through new channels, digital platforms, strategic partnerships, productivity improvements and branch improvements.

The bank, which posted a record net profit of RM690.48 million for the financial year ended March 31, 2024 (FY24), also aims to increase its share of customer wallet by enhancing its product and channel offerings in the consumer and business banking segments, and also increase fee revenues and maximize collaboration between business units.

“With a focus on prudent above-industry average credit growth, sound credit risk management practices, enhanced current account deposit/savings offerings and continued investment in technology, we aim to continue to expand market share in FY25,” the statement said .

The bank aims to strengthen its Islamic banking offering by expanding differentiated solutions such as ‘Halal-in-One’.

Alliance Bank’s FY24 was characterized by record high financial results and revenues, as the bank continued to expand its business and improve both net interest income and non-interest income.

The FY24 results confirm the direction and strong execution of Acceler8’s strategy, said group CEO Kellee Kam.

“Our full-year results validate our strategic direction as we continue to transform to meet our brand purpose of being the ‘Bank for Life’ for our customers, delivering value and serving as a reliable partner at every stage of their financial journey,” he added. he said.

For the fourth quarter ended March 31 (4Q24), Alliance Bank reported a net profit of RM177.74 million and revenue of RM516.17 million compared to profits of RM130.17 million and revenue of RM468.61 million RM in the fourth quarter of 2023.

Earnings per share in 4Q24 increased to 11.48 sen from 8.41 sen in 4Q23. Net profit for the full year was RM690.48 million compared to RM677.85 million in FY2023, while revenue increased to RM2.02 billion from RM1.92 billion in FY2023.

The bank has proposed a second interim dividend of 11.45 sen per share, bringing the total dividend for FY24 to 22.3 sen per share, representing a payout ratio of 50%.