SME Bank targets 6pc profit growth
SME Bank Bhd is targeting six per cent growth in profit for its financial year ending December 31 2013 from RM122.9 last year.
Managing director Datuk Mohd Radzif Mohd Yunus said the 2012 profit was slightly lower than the RM125.7 million recorded in the previous year that was achieved on a better debt recovery.
"It is the operating profit that matters to us as last year it increased twofold to RM146 million," he said at a press conference after announcing the company's 2012 financial results here yesterday.
Mohd Razif said SME Bank also expects to register eight per cent growth in loans this year. To date, it has disbursed some RM1.8 billion worth of loans.
In 2012, it approved RM2.9 billion worth of loans to 1,803 small and medium enterprises (SMEs) compared with RM1.7 million to 1,407 SMEs in 2011.
"More SMEs have benefited from our programmes and services like financing, entrepreneurial training and programmes in collaboration with other agencies," he said.
Mohd Radzif said this year, the bank is allocating about RM4 billion for the financing and development of SMEs.
Of the amount, RM2.25 billion will be channelled through its four programmes - SME Development Fund, Divestment Financing Scheme, Halal Industry Fund and Young Entrepreneur Fund.
On its RM3 billion fund-raising through Islamic papers, Mohd Radzif said the first tranche of RM500 million worth of sukuk has been launched.
The second tranche of the same value is expected to be issued by the third quarter of this year, he added.
Source : New Straits Times
Date : 27 June 2013
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