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BIMB Holdings posts better Q1 profit

28 May 2020 / 19:23 H.

KUALA LUMPUR: BIMB Holdings Bhd (BHB), the parent company of Bank Islam Malaysia Bhd, reported a 3.3 per cent increase in net profit attributable to shareholders to RM209.2 million for the first quarter (Q1) ended March 31, 2020.

It posted a group profit before zakat and taxation (PBZT) of RM321.8 million, up 0.7 per cent or RM2.2 million from the RM319.6 million recorded in the same period last year.

In a statement today, BHB said the Bank Islam group achieved a PBZT of RM221.5 million for Q1 2020, an increase of 0.8 per cent year-on-year (y-o-y).

“Y-o-y net financing assets grew RM4.4 billion or 9.5 per cent to reach RM50.4 billion as at the end of March 2020,“ it said.

However, lower fund-based income was reported due to multiple downward revisions made on Overnight Profit Rate from 3.25 per cent in the previous year’s corresponding period to 2.50 per cent for the quarter under review.

As at the end of March 2020, customer deposits and investment accounts stood at RM55.5 billion with a y-o-y increase of RM1.7 billion or 3.1 per cent.

“In this time of need, Bank Islam is cognisant of the multi-faceted challenges to our valued customers. With customer centricity in mind, our rescheduling and restructuring facility is one of the bank’s initiatives to provide financial assistance to our customers, encompassing all individuals and businesses,” it said, adding that the programme was targeted to assist the unfortunate customers who required financial relief.

Meanwhile, BHB’s unit Syarikat Takaful Malaysia Keluarga Bhd recorded a PBZT of RM114.2 million for Q1 2020, up from RM113.3 million a year earlier, due to lower expense reserves. -Bernama

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