Bank Islam's 1Q net profit falls by a third on higher impairment allowance

Bank Islam group chief executive officer Mohd Muazzam Mohamed

KUALA LUMPUR: Bank Islam Malaysia Bhd’s net profit fell by a third to RM105.92 million in the first quarter (Q1) ended March 31, 2022, from RM158.71 million a year earlier mainly due to a higher net allowance for impairment on financing and advances.

However, revenue edged up 0.4 per cent to RM773.97 million from RM770.92 million in the corresponding period of last year.