Banks’ 2019 profits can cover loan moratorium extension, says Guan Eng | The Malaysian Insight

Lim Guan Eng says the banking industry losing RM6.4 billion was a small price to pay for welfare of 7.7 million people and 245,000 small and medium enterprises. – The Malaysian Insight file pic, July 28, 2020.

BANKS are able to extend the moratorium on loans as the industry had earned an estimated RM32 billion in after-tax profits for 2019, said DAP secretary-general Lim Guan Eng. “The RM32 billion in after-tax profits for 2019 should provide sufficient cover for banks to bear the RM6.4 billion cost of delivering on their corporate social responsibility of extending moratorium of bank loans by another six months to aid their customers during the Covid-19 economic crisis,” he said in a statement today.

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Finance Minister: Banks will suffer losses of RM6.4b in total over loan moratorium | Malay MailKUALA LUMPUR, July 27 — Malaysia’s banks suffered losses of RM1.06 billion monthly, owing to the six-months loan moratorium period, Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz said today. Tengku Zafrul told Parliament that collectively, banks will suffer a loss of RM6.4 billion...
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