Bank Muamalat ups Q1 net by 41.6%

Bank Muamalat's increased its by net profit 41.6 per cent to RM45.2 million for the first quarter ended June

30, 2012 rose from RM32.0 million last year.

The company's revenue grew 14.5 per cent to RM255.6 million compared to last year's RM223.3 million.

The bank also declared a higher financing income of RM148.3 million due to increased financing growth.

Furthermore, customer deposits increased to RM15.8 billion while saving deposits improved 29.1 percent over the same period.

Its key capital ratios remain higher than the industry level, with Core Capital Ratio and Risk Weighted Capital Ratio at 13.6 per cent and 18.9 per cent, respectively, above the minimum regulatory requirement.

"While we are pleased with our first quarter progress, we will continue to place great emphasis on strengthening our balance sheet to position the bank towards long-term sustainable growth," said Chief Executive Officer Datuk Mohd Redza Shah Abdul Wahid.

For more