OCBC Malaysia 2009 profit slides 1%

Higher loan provisions lower net despite 4% revenue surge and 6% increase in operating profit.

The bank's net profit came in 1% lower at RM608mil while revenue was 4% higher at RM1.6bil ($476.4 million) for the year. Operating profit, however, was up 6% to RM998mil ($297.16 million).

OCBC Malaysia chief executive officer and director Jeffrey Chew said despite the difficult year, the bank's performance was supported by broad-based growth in net interest income arising from higher loans growth across industries.

"We made good strides in consumer banking and deepened our market penetration in the small and medium enterprise (SME) segment by participating actively in Government assistance schemes," he said in a statement.

Net interest income expanded 4% to RM1bil ($297.75 million) and there was a 27% jump in Islamic banking income to RM144mil ($42.88 million).

View the full story in The Star.

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