Monday, August 24, 2009

Al-Rajhi Bank on track to meet year-end break-even target

AL-RAJHI Bank (M) Bhd, which started its operations in Malaysia almost two years ago, is on track to meet its target to break even by year-end. Its senior vice president for business intelligence, Mohd Najid Yahya, said the bank has started to make profit from May this year.
"We saw positive profit. Normally, a retail bank will take three to five years to break even but we only need two.
"Up to May, the numbers were looking good and we are working hard to achieve the target," he told Bernama in an interview. He, however, did not disclose the investment made by Al Rajhi to set up its operations in the country. The bank, which has over 60,000 clients todate, has expanded its reach throughout the country.
Started with only a branch in Jalan Ampang, Kuala Lumpur, it currently has 19 branches, with 14 in the Klang Valley and one each in Kota Bahru, Johor Bahru, Melaka, Penang and Kuching. Mohd Najid said the bank, under its five-year plan, planned to have at least 50 branches throughout the country. "We have been given licences to open 50 branches by Bank Negara Malaysia. By 2012, we will have all of them," he said. — Bernama (Appeared in The Malaysian Reserve, Aug 6, 2009, p6)

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