Alliance Bank Q1 net profit at RM76.7mil after OPR cut, impairments

In FY2020, Alliance Bank will continue to grow its Consumer and SME Banking business by implementing new digital propositions and forming ecosystem partnerships to broaden acquisition, its group chief executive officer Joel Kornreich said.

KUALA LUMPUR: Alliance Bhd posted net profit of RM76.68mil in its first quarter ended June 30, 2019 as it made a full provision and impairment amounting to RM74.9mil for a few large accounts.

“The bank’s financial results were also affected by the Overnight Policy Rate (OPR) cut of 25 basis points (bps), resulting in a decline of RM8.2mil in net interest income, ” it said in a statement to Bursa Malaysia on Tuesday.