KUALA LUMPUR: BIMB Holdings Bhd (BHB), the parent company of Bank Islam Malaysia Bhd, reported a 3.3% increase in net profit attributable to shareholders to RM209.2 mil for its first quarter ended March 31, 2020.
It posted a group profit before zakat and taxation (PBZT) of RM321.8 mil, up 0.7% or RM2.2 mil from the RM319.6 mil in the same period last year.
In a statement today, BHB said the Bank Islam group achieved a PBZT of RM221.5 mil for 1Q20, an increase of 0.8% year-on-year (y-o-y).
“Y-o-y net financing assets grew RM4.4 bil or 9.5% to reach RM50.4 bil as at the end of March 2020,” it said.
However, lower fund-based income was reported due to multiple downward revisions made on the Overnight Profit Rate from 3.25% in the previous year’s corresponding period to 2.5% for 1Q20.
As at the end of March 2020, customer deposits and investment accounts stood at RM55.5 bil for a y-o-y increase of RM1.7 bil or 3.1%.
“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 mil for 1Q20, up from RM113.3 mil a year earlier, due to lower expense reserves. – May 28, 2020, Bernama
