KUALA LUMPUR: OCBC Bank (M) Bhd has for the first time surpassed the RM1 billion mark in its operating profit in the financial year ended Dec 31, 2010.
The bank's revenue rose 9% to RM1.7 billion while net profit grew 16% to RM706 million.
The bank's Malaysia director and CEO Jeffrey Chew said explained that its operating profit grew 8% to RM1.1 billion despite higher overheads.
He said the bank's overheads increased by 10% to RM656 million due to investments into infrastructure development initiatives involving branches and IT as well as crewing up in human capital especially in its sales force.
Chew added the bank's cost to income ratio was one of the lowest in the industry at 38%.
The bank's revenue rose 9% to RM1.7 billion while net profit grew 16% to RM706 million.
The bank's Malaysia director and CEO Jeffrey Chew said explained that its operating profit grew 8% to RM1.1 billion despite higher overheads.
He said the bank's overheads increased by 10% to RM656 million due to investments into infrastructure development initiatives involving branches and IT as well as crewing up in human capital especially in its sales force.
Chew added the bank's cost to income ratio was one of the lowest in the industry at 38%.
No comments:
Post a Comment