Bank Islam posts higher net profit of RM142.86mil in 3Q


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

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Bank Islam , BIMB , Bursa Malaysia , impairment

   

Next In Business News

Sudanese tighten belts as economic crisis grinds on
Scholz calls for swift EU and Mercosur free trade deal
Marcos approves tax refund plan for foreign tourists
Australia looks to revamp markets, institutions
Bond market comeback heading for first big test
Federal Reserve set to shrink rate hikes again
Gucci names new creative director to revive brand
China bull market beckons stock traders as consumption revs up
N. Ireland goes from shipbuilding to screen hits
Saudi Prince locked in US$5mil fight over ‘James Bond island’

Others Also Read