PETALING JAYA: Bank Muamalat Malaysia Bhd registered a record profit before zakat and taxation of RM306.7 million for the financial year ended Dec 31, 2022 (FY22), representing a growth of 20.3% from the RM254.9 million posted in the previous corresponding period.
Bank Muamalat president and CEO Khairul Kamarudin said, “The stellar performance registered in the financial year ended Dec 31, 2022 was largely driven by increased distributable income and robust financing growth in tandem with the group’s business growth and improved asset quality.”
Khairul also said the group registered growth in total assets, which expanded by 14.4% to RM31.5 billion, compared with RM27.6 billion in the previous financial year. This was largely contributed by the 16.2% growth or RM3.3 billion increase in total financing to customers, from RM20.7 billion to RM24 billion, as of Dec 31, 2022, mainly from the consumer banking segment.
The group’s Common Equity Tier-1 Ratio and Total Capital Ratio remained stable, closing at 12.5% and 17.6%, respectively; well above regulatory requirements.
Going forward, the bank remain cognisant of the evolving economic outlook in 2023. The effect of past interest rate increases by central banks in the advanced countries are likely to have a pronounced impact to the global liquidity condition.
Additionally, the ongoing war in Ukraine along with heightened geopolitical risks are expected to have significant bearing on commodity prices as well as markets and business sentiments.
Notwithstanding that, the reopening of China’s economy coupled with accommodative monetary policy stance by the Bank Negara Malaysia will allow the financial intermediation activities to grow at a sustainable pace. In addition, higher allocation for development expenditure totalling RM97 billion as indicated in the recent Budget 2023 will serve as a catalyst for domestic demand. Such a backdrop would provide a conducive ecosystem for the Group to thrive, leveraging on its unique positioning and offering within the Islamic finance sphere.
“Bank Muamalat is ready to navigate these challenges with support from our staff and stakeholders to record another important milestone in the new financial year 2023,” said Khairul.