(12 April 2012 – Malaysia) Malaysia’s Bank Muamalat has released a statement expecting its pre-tax profit for the financial year ending 31 March, 2012 to go down from the preceding year.This was expressed by chief executive officer Datuk Mohd Redza Shah Abdul Wahid.
‘It will be lower but what is more important is we are being more conservative, we are building our asset base for a stronger future in the coming years,’ he said.
For the 2011 financial year, Bank Muamalat recorded a pre-tax profit of RM204.3 million.
He added that the bank’s non-performing loans rate is close to one percent, mostly from the corporate sector.