Alliance focusing higher interest margin products
Published on: Wednesday, July 22, 2015
Alor Setar: Alliance Financial Group Bhd (AFG) will focus on higher interest margin loan products such as lending to small and medium enterprises (SMEs), personal segment and credit cards to boost revenue for the financial year ending March 31, 2016 (FY16).Group Chief Executive Officer, Joel Kornreich, said this was in tandem with the slower economic growth, globally and domestically, which has resulted in a more challenging environment."The group expects to accelerate its SME lending activities as well as credit facilities for industrial hire purchase, credit cards and personal loans," he told reporters after the annual general meeting here today.
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Kornreich said AFG has revised its loan growth forecast for the SME segment to about 15 per cent in FY16 from 26.8 per cent in FY15, while its corporate segment loan growth remained stable and was set to grow by between four and five per cent in FY16."Overall, the banking sector will be pressured by weaker currency, slower consumer spending and foreign exchange," he said.On the ringgit's outlook, he said, it was expected to rally.Stay up-to-date by following Daily Express’s Telegram channel.
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The ringgit has breached the 3.80 level against the greenback, the level at which it was pegged against the dollar in September 1998. The peg, introduced during the East Asia financial crisis to arrest a slide in the currency, was scrapped in 2005. – Bernama
