KUALA LUMPUR: Lembaga Tabung Haji (LTH), which recorded a healthier financial performance in the third quarter of this year, will be able to announce a better hibah (dividend) for this year, said an economist.
Bank Islam Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid also noted that there had been an increase in depositors with over 87,000 new savings accounts opened.
“To some degree, this could reflect better confidence among Muslims in Malaysia. While hibah could be better this year, depositors need to be cognisant of the prospects for the financial markets which have been volatile amid the ongoing trade war.
“Therefore, one should set a reasonable expectation for the hibah,” he said.
Mohd Afzanizam described LTH’s 3Q performance as decent with total assets continuing to surpass liabilities by RM2.3 bil compared with RM1 bil in 2018.
LTH posted a net profit of RM500 mil in 3Q, boosting profit for the first nine months to RM1.3 bil.
The pilgrims fund, in a recent statement, said the positive outcome resulted from ongoing cost-saving measures undertaken by its management.
It recorded earnings of RM900 mil in the quarter under review, bringing revenue for the first nine months of 2019 to RM2.1 bil.
LTH said the funds were generated mainly from fixed income asset investment (RM1.1 bil), real estate investment (RM400 mil), equity investment (RM300 mil), and Islamic money market instrument investment (RM300 mil). Bernama
