The company told Bursa Malaysia yesterday in an audited results statement that its 70 per cent-owned Islamic bank has seen strong growth with its branch numbers increasing from 41 to 56.
DRB-HICOM said it has implemented numerous measures to give the bank a competitive edge, which include the introduction of products and services like e-debit, i-muamalat and BeeSTAr-I children's account.
Meanwhile, DRB-HICOM said it achieved a 10-year-high revenue of RM6.31 billion for its financial year ended March 31 2010.
The group saw operational profits rise 115 per cent to RM446.5 million for the year under review.
Its group managing director Datuk Seri Mohd Khamil Jamil said the better results were also due to the group's foresight in preparing for the repercussions of the economic downturn as early as the 2007 US subprime crisis.
The group's main revenue driver was its automotive business, which contributed 57 per cent of revenue.
Its automotive business countered the effects of the economic slowdown by adopting strategies which included prudent cost and inventory management for the fiscal year ended March 31 2010.
"This year, we have numerous exciting projects that will take our automotive business to a completely new level. This includes an alliance with UK-based POTENZA Sports Car Ltd, which will see the possibility of the group developing and manufacturing sports cars for the local and regional markets," said Mohd Khamil.
by Business Times
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