Bank Islam's FY22 net profit dragged by higher tax expense

Mohd Muazzam Mohamed

KUALA LUMPUR: Bank Islam Malaysia Bhd’s net profit dropped eight per cent to RM491.67 million for the financial year ended Dec 31, 2022 (FY2022) as its tax expense surged 53.2 per cent to RM241.51 million due to the one-off Cukai Makmur.

Its profit before zakat and taxation (PBZT), however, improved 6.1 per cent to RM746.87 million, contributed by higher net income and lower net allowance for impairment on financing and advances, it said in a filing with Bursa Malaysia today.