OCBC Bank (Malaysia) Bhd is targeting a 15 per cent increase in net profit this year from the RM706 million achieved in 2010.

Chief Executive Officer Jeffrey Chew Sun Teong said the bank was confident of achieving the target following the positive outlook for the country's banking sector.

Domestic consumption and demand are quite healthy, he said when announcing the bank's financial results here today.

OCBC reported a 17 per cent rise in pre-tax profit of RM952 million for the financial year-ended Dec 31, 2010, on the back of a nine per cent increase in revenue to RM1.7 billion.

This performance was underpinned by a strong credit underwriting framework and prudent risk management strategies.

Going forward, Chew said the company would make an aggressive move to increase revenue, from the consumer and treasury segments.

We are working towards a more balanced ratio, ideally 40 per cent of business banking, 40 per cent consumer and 20 per cent treasury, he added.

Currently, the ratios are 57 per cent business banking, 27 per cent consumer and 17 per cent treasury.

Chew said that the company will be investing up to RM54 million to open nine new branches, including five Islamic branches this year. -- Bernama