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MPLANT CHANGES ITS NAME TO ALLIANCE FINANCIAL GROUP
Declares interim dividend to shareholders
28 August 2007, Kuala Lumpur – The 12 months ended 31 March 2007 was a year of transformation for Malaysian Plantations Berhad (the Group) as the financial industry operated in a more challenging business and economic environment.
The Group registered a pre-tax profit of RM150.8 million for the financial year ended 31 March 2007 as compared to a loss of RM283.1 million in the previous financial year.
The Group also announced that it has received regulatory and shareholders’ approvals for the proposed name change from Malaysian Plantations Berhad to Alliance Financial Group Berhad to better reflect the existing business and scope of activities of the Group. The shareholders also approved the implementation of an Employees Share Scheme of up to ten percent of the issued and paid-up share capital of the Company to be offered to eligible employees in the Group.
Earlier the Group had announced its first quarter results for period ended 30 June 2007, reporting RM131.5 million in profit before tax. This is an increase of RM71.8 million over the first quarter results last year. This was contributed primarily by an increase in operating profit by 17%. The Group also announced an interim dividend of 1.75 sen for the financial year ending 31 March 2008.
In the first quarter ended 30 June 2007, the Group’s Commercial Banking arm’s gross loans and advances for the quarter increased by 2.4% to RM14.7 billion compared to 31 March 2007. Consumer loans registered a 4.1% growth compared to 31 March 2007, on the back of 4.5% housing loan growth and 8.8% credit card growth. Similarly, Commercial loans also registered a 2.0% growth during the first quarter of the financial year ending 31 March 2008.
Asset quality improved with net non-performing loans (NPLs) ratio declining from 5.6% as at 31 March 2007 to 5.0% as at 30 June 2007 and gross NPLs provisioning coverage increasing to 70.0% compared to 67.3% as of 31 March 2007.
The Group’s investment banking arm posted a 14% improvement in profit before tax at RM13.8 million for the first quarter ended 30 June 2007, compared to the first quarter last year. The investment bank registered a 36% growth in net income to RM33.9 million, mainly contributed by higher operating income from investment gain from trading securities and brokerage income. The Group’s risk-weighted capital ratio remained strong at 15.8% compared to industry average at 13.1%.
The Group’s Director and Chief Executive Officer of its Banking subsidiaries Datuk Bridget Lai revealed at the AGM that, in July 2007, the Group launched its new Brand Positioning, ”Banking Made Personal” and the Group will continue to improve its relationship and partnership with customers.
Commented Datuk Lai, ”the Group will continue to focus on its growth strategy to grow its market share in both consumer and commercial SME banking, whilst harnessing synergies of its investment bank and corporate banking customers.”
Barring any unforeseen circumstances, the Group expects to record satisfactory performance in the current financial year.
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About Malaysian Plantations Berhad
Malaysian Plantations Berhad (MPlant) was incorporated in Malaysia on 7 April 1966 with the name of Malayan Plantations Limited. The Company changed its name to Malayan Plantations Sdn. Bhd. on 15 April 1966 and subsequently to Malaysian Plantations Sdn. Bhd. on 24 April 1979. On 8 May 1979, the Company converted its status to a public company limited by shares and assumed its present name.
MPlant was listed on the Main Board of Bursa Malaysia Securities Berhad on 6 July 1979.
Today, the MPlant Group is principally involved in the provision of financial services through its principal subsidiary, Alliance Bank Malaysia Berhad.
Alliance Bank, which was accorded anchor bank status under the domestic banking consolidation programme initiated by Bank Negara Malaysia in year 2000, together with its subsidiaries, Alliance Investment Bank Berhad (formerly known as Alliance Merchant Bank Berhad), Alliance Investment Management Berhad (formerly known as Alliance Unit Trust Management Berhad) provide a wide range of financial products and services in commercial banking, financing, investment banking, stock broking, unit trust management, investment advisory and other related financial services.
For further enquiries please contact: -
Mr. Philip Goh Teck Siang
Group Chief Financial Officer
Alliance Bank Berhad
15th Floor, Menara Multi Purpose
8 Jalan Munshi Abdullah
50100 Kuala Lumpur
philipgoh@alliancebg.com.my
Tel: 2730 2388 Fax: 7490 9696
Mr. Lee Wei Yen
Group Company Secretary
Malaysian Plantations Berhad
3rd Floor, Menara Multi Purpose
88 Jalan Munshi Abdullah
50100 Kuala Lumpur
simonlee@mplant.com.my
Tel: 2694 4888 extn: 1980
Fax: 2694 6200
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