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Co-opbank Persatuan targets RM54m profit in FY18
Published on: Tuesday, July 10, 2018
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KUANTAN: Co-opbank Persatuan Malaysia Bhd is targeting to record a profit of RM54 million for the financial year ending Dec 31, 2018 (FY18).Chairman Kamari Zaman Juhari said the target was in line with its performance in FY17, during which it recorded a profit of RM39 million, an increase of 54 per cent compared with RM28 million in FY16.

"To ensure that the target is achieved, we are focusing on three main products, namely Ar-Rahnu, Al-Wadi Hasanah savings account, and individual and cooperative membership.

"We are also targeting to provide financial services to the community, besides offering competitive banking products to improve members' welfare," he said at Co-opbank Persatuan Kuantan branch's Aidilfitri open house here.

To-date, Co-opbank Persatuan has 80,000 individual members and 650 cooperative members, with two categories of clients – customers and members.

"We are also planning to expand our services to the rural areas.

"This includes plans to open four new branches – in Temerloh, Kuala Selangor, Port Dickson and Batu Pahat, by year-end," he said. The opening of the four new branches will increase Co-opbank Persatuan's total branch network to 24 from 20 branches currently.

"The four new branches will become the benchmark for the cooperative bank in achieving positive growth, besides helping it to achieve the targeted profit in FY18.

"The branches in Batu Pahat and Kuala Selangor are expected to be operational in the third quarter of this year while the other two branches in Temerloh and Port Dickson will open in the fourth quarter of 2018," he said.

Co-opbank also plans to introduce banking agent services which will offer basic financial transaction services especially for customers in the rural areas, besides expanding its mobile banking services, as well as launching a debit card facility in the future. – Bernama


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