Page 69 - Bank Muamalat_AR24

ANNUAL REPORT 2024 1 2 3 4 Our Business Performance 5 6 7 8 67

TRANSACTION BANKING AND RETAIL DEPOSIT

The Transaction Banking Division (TBD) at Bank Muamalat

Total Deposits specialises in managing both Retail and Non-Retail products
RM36.5 billion and services, with a primary focus on driving deposit growth
(11.2% YoY) for the Bank. It provides customised Cash Management
Solutions designed to meet the needs of businesses,
corporate clients, and government entities. The division’s
comprehensive offerings include Account Management, Payments, Liquidity Management,
Collections, Electronic Banking, Remittance, and more. In FY2024, TBD demonstrated
substantial growth in its deposit portfolio, successfully navigating a highly competitive
market landscape with a proactive and adaptable approach to maintaining growth and
market relevance in the dynamic financial services landscape.

Total Deposit Amount (All Segments) PERFORMANCE REVIEW
(RM Billion)
TBD achieved a remarkable overall expansion of its deposit portfolio by RM4.69 billion
50.0 during FY2024. This growth was driven by Retail and Non-Retail deposits exceeding

40.0 36.5 key targets despite intense market competition.
32.8 11.2% Within the Retail segment, deposits experienced a significant surge of 44%.
30.0 This notable increase was largely attributable to the success of several year-long
promotional campaigns, including the Sijil Simpanan Islamik (SSi), FTA, FTA WOW,
20.0
and Double WOW initiatives. The FTA WOW & Double WOW campaign, in particular,
10.0 emerged as a standout contributor, generating RM928 million in new deposits.
This achievement was instrumental in strengthening the bank’s Net Stable Funding
- Ratio (NSFR) and bolstering overall Retail deposit growth.
FY2023 FY2024 Variance
The Non-Retail segment also delivered a solid performance, particularly in relation
to Corporate customers, Government-Linked Companies (GLCs), and Government
entities. The introduction of the newly launched Cash Management solution, New
iBIZ, alongside the cultivation of strong customer relationships, proved pivotal in
expanding deposits within this segment. Collectively, the initiatives undertaken
contributed RM3.56 billion in deposits, leading to a substantial 22% growth in
Non-Retail deposits.

A significant focus for TBD in FY2024 was the enhancement of cash management
solutions through the introduction of New iBiz Muamalat. This upgraded platform
was designed to provide businesses and corporations with a comprehensive and
highly accessible suite of account management features, an expanded range
of payment services, advanced authorisation matrix and enhanced security,
all accessible 24/7.