OCBC Al-Amin Bank eyes double-digit growth asset, profit surge

Lender confident of hitting the target as global economic recovery fosters Islamic banking growth.

OCBC Al-Amin Bank Bhd expects continuous double-digit growth this year for both asset and profitability, says chief executive officer and director Syed Abdull Aziz Syed Kechik.

He said the target is achievable as the economic recovery leads to stronger demand for Islamic banking.

"We're banking on double-digit growth this year. We are watching how the market develops right now. The demand for Islamic banking is growing rapidly.

"This is because of the awareness on Islamic banking with the help of the government. Based on our experience, the demand for Islamic banking is growing and we are confident the target is achievable," he said after launching the bank's shariah-compliant ATM card, OCBC Al-Amin Easi-BizCard, for business.

Last year, the bank recorded a total asset of RM 4.9 billion ($1.48 billion), up 30 percent from 2008, with RM17 million ($5.12 million) in net profit. Operating profit stood at RM43 million ($12.96 million) while customer deposit grew 38 percent to RM3.7 billion ($1.11 billion).

The business card was introduced following the success of the pioneer ATM card called OCBC Easi-BizCard launched by OCBC Bank (Malaysia) Bhd in 2007.

View the full story in Bernama.