Alliance Bank posts record net profit of RM690.48mil in FY24
KUALA LUMPUR: Alliance Bank Malaysia Bhd 's financial year was marked by record high bottomline and revenue as the bank continued to grow its business with improvements in both net interest income (NII) and non-interest income (NOII).

The FY24 results affirm the direction and strong execution of our Acceler8 strategy, said group CEO Kellee Kam in a statement.

"Our full-year performance validates our strategic direction as we continue to transform to fulfil our brand purpose of becoming The Bank For Life for our customers, delivering value and serving as a dependable partner at every step of their financial journey."

In the fourth quarter ended March 31, 2024, Alliance Bank reported a net profit of RM177.74mil, up from RM130.17mil in the year-ago quarter on revenue of RM516.17mil against RM468.61mil in the comparative quarter.

Earnings per share rose to 11.48 sen from 8.41 sen previously.

The full-year performance yielded a net profit of RM690.48mil against RM677.85mil in FY23, while revenue grew to RM2.02bil from RM1.92bil in the previous year.

The bank proposed a second interim dividend of 11.45 sen per share, which brings the total dividend in FY24 to 22.3 sen per share for a 50% payout ratio, valued at RM345.2mil.

Alliance Bank said NII grew 4.1% year-on-year (y-o-y) to RM1.72bil with net interest margin staying within guidance at 2.48%

Meanwhile, NOII (excluding brokerage) rose 15.1% y-o-y to RM300.2mil on higher wealth management income, foreign exchange fees and banking services fees. The cost-to-income ratio for the year was 48.2%.

During the year, total gross loans grew 13.6% to RM55.7bil while the current account savings account (Casa) ratio stood at 41.6%. on the back of a 12.9% y-o-y increase in customer deposits.

According to the bank, its efforts to broaden its consumer business is gaining traction with 13% y-o-y loan growth.

The bank acquired its highest-ever new-to-branch customers, representing more than 37% y-o-y increase to 107,000.

On its expansion into key regional economic corridors, the bank said regional deposits and loans in Sarawak and Penang registered 48% and 18% growth y-o-y respectively.

Corporate revenue achieved 13% y-o-y growth, driven mainly by fee-based income and forex sales.

Meanwhile, Alliance Bank’s Islamic business recorded 11% y-o-y financing growth as it focused on scaling up its flagship Halal in One initiative to help business owners succeed in the halal sector.
Banking,Alliance Bank,finance,loans,deposits,profit
KUALA LUMPUR: Alliance Bank Malaysia Bhd's financial year was marked by record high bottomline and revenue as the bank continued to grow its business with improvements in both net interest income (NII) and non-interest income (NOII).