Co-opbank Pertama confident of achieving RM102m profit target this year

Monday, 19 Sep 2022 5:27 PM MYT

KUALA LUMPUR, Sept 19 — Co-opbank Pertama Bhd (CBP) is confident that it will be able to achieve its profit before tax (PBT) target of RM102 million this year — its highest achievement since its establishment.

Last year, the cooperative bank — which was established under the Cooperatives Act 1993 and jointly regulated by the Malaysian Cooperative Commission (SKM) — managed to achieve a PBT of RM86 million.

Its chairman, Datuk Baharom Embi said the PBT was achieved on the back of the bank’s move to diversify its products and streamline as well as improve its services over time.

“This is important to ensure that the CBP can continue to compete with other financial institutions.

“In order to provide these quality banking products and services, it is important to establish good cooperation with companies that offer the type of services required by the CBP,” he said at the memoranda of understanding (MoU) exchange ceremony between the CBP and several stakeholders here, today.

The MoUs involved several agencies and companies, including MyANGKASA, Universiti Tun Abdul Razak, Policystreet and Sedania As Salam Capital Sdn Bhd (Sedania As Salam).

On another note, Baharom said the CBP expects to achieve a customer growth of five to 10 per cent per annum.

“Currently, we have approximately 100,000 members, and we expect to have more than 150,000 members in 2026,” he said.

Meanwhile, in a statement, Sedania As Salam said under its MoU with CBP, the company would become the bank’s digital partner in accelerating the latter’s digitisation initiative.

Chief executive officer, Nisa Ismail said the MoU was important in achieving the company’s aspiration to accelerate the adoption of digital banking in Malaysia.

“Sedania As Salam has been entrusted to start the digitisation process for the country’s second-largest cooperative bank.

“Our expertise and strong track record in developing a digital Islamic banking ecosystem that can be trusted by leading financial institutions have given us the confidence to embark on CBP’s digital transformation,” she said. — Bernama