LUMUT – Co-opbank Pertama Malaysia Bhd’s (CBP) profit in 2020 has surpassed its target for the year despite the uncertain economic condition due to the impact of the Covid-19 pandemic.
Without stating the 2020 profit figure, its chairman Kamari Zaman Juhari said the profit before zakat and tax increased 16.9% compared with the previous year.
“What we can be proud of is that the profit has surpassed our target even though faced with the Covid-19 pandemic. Our target was RM86.2 million, but we achieved more than that.
“That is a record as 2020 was a year filled with problems with Covid-19, but we were able to penetrate the market, served customers by using more sophisticated methods, whether through Internet or others,” he said to reporters at the opening of the cooperative bank's branch in Manjung and presentation of school supplies to students around Manjung district here, today.
At the event, some 50 students from four selected schools around Manjung received school supplies including vouchers worth RM200 each.
Besides that, Kamari Zaman said CBP had also recorded an income of close to RM360 million last year, up 12.5% from 2019, while total assets increased to about RM5.8 billion compared with RM4.3 billion in 2019.
“That is a significant improvement of 34.4%. Three main contributors to the total assets were customer financing, followed by securities investment and deposit placement.
“On financing, the biggest segment was personal financing at over RM1 billion, followed by Ar-Rahnu amounting to about RM200 million,” he said.
Elaborating further, Kamari Zaman said based on its record as of last year, a total of 723 cooperatives became CBP members with membership of 91,493 people.
He was also proud that CBP was crowned as the Best Cooperative in Malaysia for 2020, and ranked top in the profile of 100 best cooperatives. This was CBP’s highest since its establishment 71 years ago.
Commenting on the opening of the Manjung branch, Kamari Zaman said it was the cooperative bank’s third branch in Perak after Taiping which was opened in August 1996, and Ipoh which was opened in April 2000. – Bernama, January 9, 2021
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