The reorganisation would see Bank Islam taking over the listing status of BIMB, a structure similar to that of Affin Bank Bhd and RHB Bank Bhd.
KUALA LUMPUR: BIMB Holdings Bhd
recorded a 17.7% increase in net profit at RM202.51mil in the first quarter ended March 31, 2019 compared with RM172.31mil a year ago, underpinned by stronger performances of its banking and takaful businesses.
BIMB said on Thursday profit before zakat and taxation (PBZT) rose by 16.8% to RM319mil. Operating profit increased by 14.9% to RM376mil from RM327.3mil. Earnings per share were 11.63 sen compared with 10.26 sen.
Its annualised return on equity (ROE) was 16.1% after tax and zakat. Net assets per share improved to RM3.09 from RM2.97 as at Dec 31, 2018.
Bank Islam Malaysia Bhd group recorded a 6.1% increase in PBZT of RM219.9mil from RM207.20mil a year ago mainly due to higher total net income.
Gross fund based income increased by 12.5% on the back of a 8.5% year-on-year increase in gross financing, whilst income attributable to depositors and investment account holders (IATD) rose 19.8% from a year ago.
BIMB said this was due to higher average volume of deposits and investment accounts, coupled with higher bank’s cost of fund in relation to complying with Bank Negara Malaysia’s Basel III liquidity requirement specifically on the lengthening of the deposit maturity profile.
Non-fund based income increased by RM26.7mil mainly due to higher investment income. However, total overheads increased by 13.4% or RM29.9mil mainly due to higher staff costs driven by annual salary increment.
As for Syarikat Takaful Malaysia Keluarga Bhd group (Takaful Malaysia), its PBZT rose by 33.5% to RM113.3mil from RM84.9mil mainly due to higher net Wakalah fee income arising from business growth in the family takaful business.
Takaful Malaysia's operating revenue rose by 23.1% to mainly due to higher sales generated by family takaful business.
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