PETALING JAYA: BIMB Holdings has registered a 3.3% year-on-year (y-o-y) increase in net profit to RM209.24mil for the first quarter ended March 31, as compared to the same quarter last year.
This was mainly attributed to an improved performance by its operating subsidiary Bank Islam Malaysia Bhd, driven by growth in business activities.
Meanwhile, Syarikat Takaful Malaysia Keluarga Bhd posted a slight increase in profit which was mainly attributable to lower expense reserves, in line with lower productions from group medical products.
Bank Islam’s net financing assets grew RM4.4bil or 9.5% y-o-y to reach RM50.4bil as at end-March 2020.
However, the bank reported lower fund-based income due to multiple downward revisions made on the overnight profit rate from 3.25% in the fourth quarter of 2019 to 2.5% for the quarter under review.
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