KUALA LUMPUR: Bank Islam Malaysia Bhd's (BIMB) net profit increased to RM142.86 million in the third quarter (Q3) ended Sept 30, 2022, from RM101.63 million in the corresponding period in 2021 due to higher net income offset by higher total overheads.
The group’s net income increased by RM111.2 million or 22.2 per cent, mainly due to higher net fund-based income during the quarter driven by financing growth.
Total overheads were higher by RM53.5 million or over Q3 2021 overheads mainly due to higher staff costs and general expenses by RM40.2 million and RM13.3 million respectively.
Meanwhile, revenue for the quarter rose to RM933.68 million from RM746.22 million a year ago, it said in a filing with Bursa Malaysia today.
BIMB’s net allowance for impairment on financing and advances, financing was lower at RM24.9 million for Q3 2022, a decrease of 26.7 per cent as compared to Q3 2021.
For the nine-month period ended Sept 30, 2022, BIMB's net profit fell to RM365.93 million from RM454.66 million in the corresponding period last year, while revenue climbed to RM2.53 billion from RM2.35 billion previously.
On the prospects for the remaining months in 2022, the group said BIMB is also developing a digital supply chain model to meet the requirements of corporate clients, and the optimisation of digital platforms will further strengthen its collaboration and open more business opportunities with its existing partners and potential new clients.
"Meanwhile, BIMB’s corporate banking aims to cultivate and grow new-to-bank sectorial focus, largely on green financing and unrated sukuk as part of our commitment to diversify our income contribution,” it said.
It added that BIMB remains vigilant in preserving asset quality by being cautious in onboarding new corporate customers. - Bernama