Moratorium is ending. Anyone here needs help on moratorium? Do we feel that it will be a huge thing come October 2020? Earlier article here: Challenging time after moratorium ends? Do we think Bank Negara Malaysia will have to do something drastic come October 2020? Well their next Overnight Policy Rate meeting will only be in November while the one in September, they have decided not to do anything because they were monitoring. Article here: Why did BNM kept the rates unchanged
If everyone remembered, our Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has said that banks will take appropriate actions and indeed in the recent report, banks have contacted 2 million borrowers on loan extension as well. (click here to read) By the way, if I happen to own a bank, I would not want my borrower to default officially. Even if I auction their property, it’s not a guarantee that I will be able to get a good price… Anyway, one bank is doing more.
Article in themalaysianreserve.com Bank Rakyat is holding open days at 17 branches nationwide, starting Sept 19 until September 26 to provide assistance to customers to defer financing payments, after the loan moratorium ends on Sept 30. The open day will start from 10am to 3pm. This will provide to those who needs help on moratorium.
Bank Rakyat chief executive officer (CEO) Datuk Rosman Mohamed said the branches involved were in Johor Bahru, Johor; Jalan Hang Tuah, Melaka; Seremban, Negeri Sembilan; Precinct 8, Putrajaya; Seksyen 14, Shah Alam; Sungai Buloh, Selangor as well as Jalan Tangsi and Jalan Ipoh, Kuala Lumpur. Other branches include Medan Gopeng in Ipoh and Teluk Intan, Perak; Bukit Mertajam, Penang; Temerloh, Kuantan, Pahang; Kuala Terengganu, Terengganu; Kota Bharu, Kelantan; Satok, Kuching, Sarawak and Kota Kinabalu, Sabah. Please do read the article for more details. Article in themalaysianreserve.com
Anyway, I do not think they (Bank Rakyat) will be taking in borrowers from other banks who needed financial help, so it may be best to stick to the current bank and start discussing with them for a solution soonest possible. Let’s not be too Malaysian; waiting till the final few days before the actual end?!
The positive point is always that when COVID-19 arrived, our banks were in healthy positions. Oh yeah, latest results showed that profits have dipped tremendously but generally, banks remain profitable even in the toughest quarter in 2020 which is Q2. Here’s one latest result. It’s Malaysian’s largest bank by asset size. RM941.73 million of profits for Q2. Good or bad? Till first week of October, it’s best to take action now yeah.
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