Bank Muamalat anticipates lower 2012 profit

Bank Muamalat is expecting its pre-tax profit for the financial year ending March 31, 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 financial year ended March 31, 2011, 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 per cent, mostly from the corporate sector.

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