Bank Islam 3Q net profit for slips to RM140.54mil

KUALA LUMPUR: Bank Islam Malaysia Bhd’s (BIMB) net profit for the third quarter ended Sept 30, 2023, slipped to RM140.54 million compared with RM142.86 million recorded in the same quarter last year.

Revenue rose to RM1.14 billion from RM933.18 million previously, the group said in a filing with Bursa Malaysia today.

For the nine-month period ended Sept 30, 2023 (9M 2023), the bank recorded a higher net profit of RM394.77 million against RM365.93 million recorded in the same period in 2022, while revenue improved to RM3.36 billion from RM2.53 billion previously.

BIMB said the increase in net profit for 9M 2023 was driven by higher net income, which was offset by higher total overheads and higher net allowance for impairment on financing.

"The lower tax expense by RM45.6 million due to the absence of one-off prosperity tax also contributed to the increase,” it said.

"Currently, Bank Islam is maintaining its full-year 2023 gross domestic product growth (GDP) projection at 3.7 per cent, a marginal reduction from the official forecast of about 4.0 per cent.

"As the global semiconductor downcycle has seemingly bottomed out and continued improvements seen in tourist arrivals, we expect Malaysia to sail through its growth momentum in 4Q 2023, and subsequently into the coming year. This will, in turn, lend support to Bank Islam’s sustained growth in 2024,” it said. - Bernama

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