Business News

Published: Thursday August 22, 2013 MYT 3:58:00 PM
Updated: Thursday August 22, 2013 MYT 4:03:10 PM

Bank Islam confident of over 15% profit growth

KUALA LUMPUR: Bank Islam Malaysia Bhd is confident of achieving more than 15% growth in profit before tax and zakat this year compared with RM600.3 million last year.

Managing director Datuk Seri Zukri Samat said consumer banking would continue to be the main contributor to achieve the target. 

"We target 70% of the financing portfolio to be contributed by consumer banking and the balance of 30% from corporate and commercial banking. 

"For the first quarter of this year, the bank raked in profit before tax and zakat of RM151.5mil, and looking at the achievement for the first-half year, we can achieve more than 15% growth that has been set," he said to reporters after the handing over of fund sponsorship for mosques in Malaysia here today.

Zukri said the economic growth which is somewhat slow currently and the new guidelines on responsible lending might affect the bank's financing growth. 

"For the moment, as far as Bank Islam is concerned, we are still able to achieve the target that we have set, that is, a financing growth of 20% to 25% this year, better than last year. 

"I think the new guidelines will affect most of the banks but for Bank Islam we have not see the effects and at this juncture, we are still confident that we are able to show representable financing growth for this year," Zukri said.- Bernama


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