• Latest
  • All
  • Lifestyle
  • Events
  • Insights
  • People
  • Voice
  • CSR
Co-opbank Pertama: Financially Fits To Grow Bigger

Co-opbank Pertama: Financially Fits To Grow Bigger

28/05/2019
CNY May Look Different This Year, But You Can Have Fun Playing Monopoly Lunar Edition

CNY May Look Different This Year, But You Can Have Fun Playing Monopoly Lunar Edition

15/01/2021
What’s With Everyone Leave The Messenger Service App? Are Our Private Messages Protected?

What’s With Everyone Leave The Messenger Service App? Are Our Private Messages Protected?

14/01/2021
More SMEs Will Close Down If MCO Extended & Govt Support Is Crucial To Help Them Survive

More SMEs Will Close Down If MCO Extended & Govt Support Is Crucial To Help Them Survive

13/01/2021
Which Businesses Can Stay Open During MCO? According to The Govt Only These 37 Businesses

Which Businesses Can Stay Open During MCO? According to The Govt Only These 37 Businesses

12/01/2021
The World’s Richest Person, Elon Musk Reveals That He Didn’t’ Take Salary From His Companies

The World’s Richest Person, Elon Musk Reveals That He Didn’t’ Take Salary From His Companies

11/01/2021
Now Is The Right Time To Buy A Car As SST Exemption For New Cars Extended Until June 2021

Now Is The Right Time To Buy A Car As SST Exemption For New Cars Extended Until June 2021

02/01/2021
WargaBiz

Malaysia's Fastest Growing Business
and Lifestyle Digital Media Platform
For Usahawan

No Result
View All Result
WargaBiz

Malaysia's Fastest Growing Business
and Lifestyle Digital Media Platform
For Usahawan

No Result
View All Result
WargaBiz

Malaysia's Fastest Growing Business
and Lifestyle Digital Media Platform
For Usahawan

No Result
View All Result

Co-opbank Pertama: Financially Fits To Grow Bigger
  TRENDING
CNY May Look Different This Year, But You Can Have Fun Playing Monopoly Lunar Edition 15/01/2021
What’s With Everyone Leave The Messenger Service App? Are Our Private Messages Protected? 14/01/2021
More SMEs Will Close Down If MCO Extended & Govt Support Is Crucial To Help Them Survive 13/01/2021
Which Businesses Can Stay Open During MCO? According to The Govt Only These 37 Businesses 12/01/2021
The World’s Richest Person, Elon Musk Reveals That He Didn’t’ Take Salary From His Companies 11/01/2021
Next
Prev
Home People

Co-opbank Pertama: Financially Fits To Grow Bigger

The CEO of Co-opbank Pertama, Mohd Nor Abd Razak managed to bring in 32.7% increase in profit, armed with his 16 years experience in the banking sector.

02/05/2019
WargaBizbyWargaBiz
in People
5 min read
291
SHARES
Share on FacebookShare on Twitter

2018 was deemed to be the greatest year for the cooperative bank, Co-opbank Pertama (CBP) where they were able to record the highest unaudited profit before tax amounted RM52.7 million that equals to 284.7% increased as compared to 2015 where they first started to operate as a bank.

As a small bank and what Mohd Nor Abd Razak defined as a “new kid on the block”, this achievement is evidence that manifests their ability to push the growth to be at par with other commercial banks in the nation.

September 2014 was the starting point for CBP to operate fully as a cooperative bank.

Despite what Mohd Nor stated as a newcomer in the banking sector, CBP has been around since 1950. September 2014 marked as the historic day for them when they have been authorised by Bank Negara Malaysia (BNM) and Malaysia Co-operative Societies Commission of Malaysia (SKM) to fully operate as a cooperative bank. Likewise other commercial banks in Malaysia, CBP is considered as unique where they are obliged to two regulators – BNM and SKM.

A true-blue banker

Co-opbank Pertama: Financially Fits To Grow Bigger

Since Mohd Nor took the helm in July 2017, he has aggressively brought in significant achievements for CBP. Backed by his long proven record in the financial sector, Mohd Nor has served for Bank Negara Malaysia (BNM) for over 16 years and has been attached to numerous companies and subsidiaries under BNM supervision. The experiences further enhance his capability as a leader and simply put him as an expert.

“I joined CBP as a Chief Financial Officer in Januaary 2017 and later promoted to Chief Executive Officer in July 2017. As the CEO of CBP, I am responsible for the growth and profitable of CBP as well as ensuring the best services rendered to our members and customers,” he explains.

RelatedPosts

This Strong Woman Behind iRehab Has Been Helping Stroke Survivors More Than 10 Years

These Sibling Entrepreneur Duos Dedicate Seri Empire Rich To Their Mother

The Story Behind The Multimillion-Dollar Pillow King Who Sold 1 Mil LEYNA Pillows in Just 3 Years

CBP’s performance in the past few years was very encouraging, thank everyone who committed throughout the journey.

As the CEO of CBP, Mohd Nor has systematically rebranded the brand from Co-opbank Persatuan to Co-opbank Pertama. The rebranding initiative is to increase public and market awareness on CBP as a cooperative bank. The following reason was to end the public confusion over the name as highlighted and advised by the public.

“Nevertheless, with the rebranding initiatives, we are now aggressively transforming CBP to bring it to the greater height.”

The game changer

Co-opbank Pertama: Financially Fits To Grow Bigger

Originally a small cooperative society originated from Kampung Pertama, Permatang Pauh, CBP is now the second largest cooperative bank in Malaysia and the first cooperative bank that was granted a banking license.

As of December 2018, CBP has a total of 85,041 cooperative members comprises of 84,357 individual members and 684 cooperative members. Furthermore, CBP is widely known amongst customers with a total of 22 branches all over the country.

Despite being a new cooperative bank in the league, CBP has recorded significant achievements and received notable recognition.

Co-opbank Pertama: Financially Fits To Grow Bigger

The journey of becoming the second largest cooperative bank in the country involved a lot of challenges and the need to think and act promptly. “Being a cooperative and to be upgraded as a bank, a lot of things need to be improved. This is the biggest challenge that we have to face as a company in order to grow in the financial industry,” Mohd Nor explains.

He further added that CBP covers a different segment of the market – where the business focuses mainly on cooperative membership, deposits, retail and corporate financing and fee-based services. In a nutshell, CBP offers a wide range of Syariah compliance products and services, in line with its mission to be the Number 1 Syariah compliance cooperative bank in Malaysia.

Highest achievement recorded

Co-opbank Pertama: Financially Fits To Grow Bigger

CBP was recognised among the best cooperatives in Malaysia in line with other big names of cooperative such as Bank Rakyat and Koperasi Permodalan FELDA Malaysia Berhad in 2018. They also have been awarded numerous awards since 2011 which driven them in providing the best services.

Apart from notable awards and recognition, CBP has successfully enhanced its capital. Share capital jumped almost 97% from RM335.2 million in 2015 to RM659.6 million in 2018. “The introduction of the Islamic Redeemable Convertible Preference Shares (iRCPS) in July 2017 had contributed significantly to the increase of share capital with an amount of RM200 million and another RM60 million were contributed by other shares,” he utters. With the highest capital recorded, they have achieved the target requirements set by the regulators thus it no longer their main focus at the moment.

Co-opbank Pertama: Financially Fits To Grow Bigger

At the moment, the strategy to enhance CBP’s capital is no longer our main focus as we have achieved the target amount set by the regulators.

“CBP’s performance in the past few years were very encouraging especially in 2018. In 2018, we achieved the highest unaudited profit before tax amounted RM52.7 million that equals to 284.7% increased as compared to 2015 where we started to operate as a bank with RM13.7 million of profit,” says Mohd Nor who explains that it won’t succeed without the help from the Board of Directors, management and staff.

Strenghtening the core

Co-opbank Pertama: Financially Fits To Grow Bigger

Cooperative sector is the third major sector contributor to the Malaysian Gross Domestic Product (GDP). With all 14,000  cooperatives in Malaysia, the contribution is close to 5%. In 2017 itself, the total procurement recorded by cooperative was RM34.15 billion from a total of RM40.24 billion. To that, CBP has actively brought in fresh new ideas to help strenghten the cooperative sector and contribute more for the Malaysian GDP.

Excitingly, Mohd Nor’s upcoming plan is to achieve RM111 millions of profits and to provide a 12.5% dividend to their members. “To support this strategy, CBP is introducing five new products this year that will help drive our growth in 2019. As a matter of fact, CBP is set to open another four branches this year. The new branches are located at Pahang, Kelantan, Terengganu and Negeri Sembilan,” he ends.

Tags: coverCover Stories
Share116Tweet73


Previous Post

Did You Know That These 8 Malaysian Brands are Famous Overseas?

Next Post

CEO Caviar & Cigar Networking Session At The Humidor, Putrajaya

Related Posts

This Strong Woman Behind iRehab Has Been Helping Stroke Survivors More Than 10 Years

by WargaBiz
3 months ago
0
This Strong Woman Behind iRehab Has Been Helping Stroke Survivors More Than 10 Years
People

iRehab Physiotherapy & Stroke Rehabilitation Centre is not only a physiotherapy centre but also a place where it prioritises human...

Read more

These Sibling Entrepreneur Duos Dedicate Seri Empire Rich To Their Mother

by WargaBiz
3 months ago
0
These Sibling Entrepreneur Duos Dedicate Seri Empire Rich To Their Mother
People

The duo siblings are grateful for their flourishing entrepreneurship journey. In just six months, their sales reached RM 800,000 and...

Read more

The Story Behind The Multimillion-Dollar Pillow King Who Sold 1 Mil LEYNA Pillows in Just 3 Years

by WargaBiz
4 months ago
0
The Story Behind The Multimillion-Dollar Pillow King Who Sold 1 Mil LEYNA Pillows in Just 3 Years
People

For Natasha Nordin, the founder of Flenaz Synergy Sdn Bhd, the parent company of LEYNA pillow, figures have never been...

Read more

This Young & Daring Woman From Persona Theory Games Breaks Barrier In The Gaming Industry

by WargaBiz
5 months ago
0
This Young & Daring Woman From Persona Theory Games Breaks Barrier In The Gaming Industry
People

Persona Theory Games is an indie games studio based in KL that set experimental narrative games as their niche.

Read more

Dr Siti Maria, Founder of Anggun Medi-Klinik Believes That Beauty Is More Than Skin Deep

by WargaBiz
6 months ago
0
Dr Siti Maria, Founder of Anggun Medi-Klinik Believes That Beauty Is More Than Skin Deep
People

We sit down with Anggun Medi-Klinik’s Medical Director, Dr Siti Maria to find out more about the booming aesthetic industry...

Read more

MicroLEAP, An Islamic Fintech Startup That Helps B40 Microenterprises Cope With Covid-19

by WargaBiz
7 months ago
0
MicroLEAP, An Islamic Fintech Startup  That Helps B40 Microenterprises Cope With Covid-19
People

One of the youngest P2P fintech company, microLEAP has succeeded in raising and distributing funds to B40 microenterprises across the...

Read more

Semasa Services: First M’sian Co In The Facilities Management Industry To Obtain ISO 41001:2018

by WargaBiz
7 months ago
0
Semasa Services: First M’sian Co In The Facilities Management Industry To Obtain ISO 41001:2018
People

Syed Faizal has proven the worth of his skills and experience as the company has now reached excellent heights by...

Read more

Meet The Lipstick King, Dato’ Don Aiman Who Makes Millions By Selling Nur’Asia Lipsticks

by WargaBiz
7 months ago
0
Meet The Lipstick King, Dato’ Don Aiman Who Makes Millions By Selling Nur’Asia Lipsticks
People

Dato Don Aiman represents a new generation of men who are brave enough to jump in a female-dominated industry.

Read more

Klinik Siti is Ready to Conquer the Healthcare Business By Having 35 Branches in 2020

by WargaBiz
11 months ago
0
Klinik Siti is Ready to Conquer the Healthcare Business By Having 35 Branches in 2020
People

In just 3 years operation, Dr Muhammad Ali Bin Datuk Dr Yahya the mastermind behind Klinik Siti has successfully opened...

Read more

This 28 Y/O Mompreneur Shares How to Get Back on Track When Life Crushes You

by WargaBiz
12 months ago
0
This 28 Y/O Mompreneur Shares How to Get Back on Track When Life Crushes You
People

Her past experience in marriage gave her the courage to help other single mothers to be successful mompreneurs.

Read more

Next Post
CEO Caviar & Cigar Networking Session At The Humidor, Putrajaya

CEO Caviar & Cigar Networking Session At The Humidor, Putrajaya

Facebook Instagram

About Us

WargaBiz is Malaysia’s first exclusive one-stop digital business platform to provide comprehensive coverage on start-ups and SMEs helmed by the Usahawan.

Read our full story.

Categories

  • Cover
  • People
  • Lifestyle
  • Insights
  • Events
  • CSR

Tags

achievement achiever America American apple beauty branding business businessman career columnist cover Cover Stories covid-19 CSR Cuisines entrepreneur Entrepreneurs F&B failure fashion father's day Features FIFA World Cup investment japan Klang Valley KLCC Kuala Lumpur Latest lifestyle luxury Malaysia marketing MCO Novelties people Raya specialist success tech technology usahawan Voice watches

© 2017-2019 Warga Media - All Rights Reserved.
Want your site to look as cool as this? Call Mr Hafiz

No Result
View All Result
  • Cover
  • Specialist
  • People
  • Lifestyle
  • Insights
  • Events
  • About
  • Contact
  • Terms of Use
  • Privacy Policy
  • Job Opportunities

© 2017-2019 Warga Media - All Rights Reserved.
Want your site to look as cool as this? Call Mr Hafiz

sponsored