July 22, 2010 16:31 PM
KUALA LUMPUR, July 22 (Bernama) -- Bank Muamalat Malaysia Bhd's pre-tax profit for the 15-month period ending March 31, 2010 rose by 231.8 per cent to RM140.6 million compared with the previous year.
In a statement here Thursday, the bank said the overall strong performance was supported by comparatively robust core and risk-weighted capital ratios of 13.9 per cent and 17.5 per cent respectively.
"Significant improvements in financing recoveries and asset quality, a moderate expansion in our financing base and prudent rebalancing of our investment portfolio have led to a substantial increase in total distributable income by RM127 million, or 21.8 per cent," it said.
The bank said ample liquidity and softer monetary policy which prevailed throughout the year and the implementation of several cost-saving initiatives further contributed towards enhancing its earnings.
It said its total assets increased by 15.9 per cent to RM16.7 billion and net financing rose by RM587.7 million as compared to previous year.
"Reflecting our continued focus on prudent recovery and credit initiatives, net non-performing financing ratio registered significant improvement from 4.4 per cent at the end of the preceding year to three per cent at March, 2010," it said.
Bank Muamalat said during the same period, customer deposits grew to RM14.9 billion, or 19.7 per cent.
-- BERNAMA
http://bernama.com.my/bernama/v5/newsindex.php?id=515606
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