BIMB Q2 profit surges 86% to RM129mil boosted by Bank Islam

PETALING JAYA: BIMB Holdings Bhd’s net profit for the second quarter ended June 30 increased 86.4% to RM129.67mil from RM69.58mil a year ago.

The banking group told the stock exchange yesterday that its revenue for the period rose 3.8% to RM734.59mil from RM707.45mil in the previous corresponding quarter.

Earnings per share (EPS) for the period, meanwhile, stood at 8.68 sen compared to 6.52 sen a year earlier.

For its first half year, its net profit was up 76.1% to RM253.13mil from RM143.72mil a year ago, while revenue was up 5.8% to RM1.46bil from RM1.38bil a year ago.

For the second-half period, the group said as a result of the acquisition of the 49% interest in Bank Islam Malaysia Bhd, the net profit attributable to the shareholders increased by RM109.4mil or 76.1%.

“Consequently, the EPS for the period under review also increased by 25.8%,” it said.

Commenting on Bank Islam, BIMB said it posted a profit before zakat and tax of RM100.3mil from RM82.2mil a year ago due to lower management expenses and expense reserves.

“Operating revenue was RM856.8mil, compared to RM957.5mil in the same period of the preceding year.

“The decrease was mainly due to lower sales generated by the family takaful business,” it said.

To attract deposits, BIMB said greater focus would be placed on individual and retail deposits with new product features.

“The bank will also continue to proactively manage its capital and explore the best possible options to raise capital when the need arises.

“The bank’s expansion plan includes the opening of another eight new branches at strategic locations, which will bring the total branch network to 141 branches by the end of 2014,” it said.