BIMB’s net profit rises to RM149.91 million in second quarter of 2018
KUALA LUMPUR: BIMB Holdings Bhd’s net profit for the second quarter ended June 30, 2018, rose 10.5 per cent to RM149.91 million from RM135.67 million recorded in the same quarter last year.
Revenue for the quarter increased to RM992.17 million from RM943.19 million.
In a statement yesterday, the group said for the first half of financial year 2018 (1H18), net profit rose 12.3 per cent to RM322.0 million translating to an earnings per share of 19.10 sen compared to 17.60 sen for the same period last year.
At the Bank Islam group level, it said profit before zakat and taxes (PBZT) for 1H18 rose nine per cent to RM400.7 million, compared with the corresponding period of 2017.
The profit growth was mainly due to higher income resulting from an increase in the base rate and base financing rate by 25 basis points effective February 2018, and the growth in net financing growth of 6.7 per cent or RM2.7 billion to RM43.2 billion as at June 30,2018, the group said.
As at end of June 2018, it said Customer Deposits and Investment Accounts stood at RM49.8 billion, while the Current Account Savings Account ratio improved to 32.8 per cent compared to 31.6 per cent as at end June 2017.
“With continued robust credit management and governance process, the bank’s assets quality remained strong and is reflected in the low gross impaired financing ratio of 0.97 per cent lower than the 1.6 per cent registered by the banking system as at end-May 2018.
“The bank’s capital position also remained healthy to support the continuous business growth with a total capital ratio of 16.9 per cent as at end June 2018,” it added.
Bank Islam will continue to play its role as a value-based Intermediary to deliver a sustainable performance, whilst supporting economic and social development, said the group.
Meanwhile, Syarikat Takaful Malaysia Keluarga Bhd recorded a profit of RM146.4 million for 1H18, an increase of 11.2 per cent compared with RM131.6 million in the corresponding period of 2017, attributable to higher net wakalah fee income arising from business growth in the Family and General Takaful business.
Operating revenue increased to RM1.29 billion from RM1.15 billion in the corresponding period of 2017, contributed by a higher sales generated by both divisions.
The group said moving forward Takaful Malaysia would remain focused on sustaining its position as the market leader in the Family Takaful business, whilst expanding market share in the General Takaful business to establish a strong foothold in the industry.
It will continue to enhance digital capability to increase product and service accessibility, by intensifying online marketing initiatives, while also embarking on multiple digital initiatives to further develop “customer centric” value propositions to remain competitive in the industry. — Bernama