KUALA LUMPUR: Bank Muamalat Malaysia Bhd’s pre-tax profit for financial year ended March 2016 rose by 36.9 per cent to RM167.2 million from RM122 million previously.

Its total revenue increased to RM1.21 billion from RM1.07 billion in the same period last year, largely due to the 18.7 per cent growth in financing income while total overheads were cut by 8.5 per cent to RM345.1 million from RM377.2 million in the previous corresponding year.

“The improved performance was underpinned by a steady growth in revenue, driven by growth in gross financing and other operating income as well as our continuous effort in managing yields of our portfolios,” said Chief Executive Officer, Datuk Mohd Redza Shah Abdul Wahid, in a statement here today.

The bank said total gross financing grew to RM14.8 billion as at end of March 2016, from RM13.7 billion a year ago.

At the same time asset quality, as measured by gross impairment ratio, continued to improve from 2.5 per cent recorded in the previous corresponding period to 2.2 per cent, it said.

“These improvements are the results of our constant effor on prudent financing and recovery measures,” said Mohd Redza.

Bank Muamalat said its key capital ratios remained at healthy levels, with core capital ratio at 13.85 per cent and total risk-weighted capital ratio at 16.08 per cent, among the highest in the industry.

“The bank is also actively engaging to further expand its business, especially in the gold and investment account.

“The bank is also among the first to be involved in the Investment Account Platform, a centralised multi-bank platform to market investment accounts which was recently launched in February 2016,” it said. – BERNAMA

* This news was published on June 13, 2016