Bank Islam’s net profit rises to RM129mil in 1Q

Bank Islam Malaysia Bhd group CEO Datuk Mohd Muazzam Mohamed.

KUALA LUMPUR: Bank Islam Malaysia Bhd expects improved earnings growth as it expands its financing volume, while net interest margin (NIM) is forecast to stabilise.

“Central to the bank’s strategy is the meticulous management of NIM, focusing on rebalancing the funding composition,” said group CEO Datuk Mohd Muazzam Mohamed in a statement.

In the first quarter ended March 31, 2024 (1Q24), Bank Islam posted a net profit of RM129.17mil, up from RM118.09mil in the year-ago quarter on revenue of RM1.14bil against RM1.1bil in the comparative quarter.

The bank’s earnings per share rose to 5.7 sen from 5.33 sen in 1Q23. According to the bank, the increase in net profit was mainly owing to higher net income and lower net allowance for impairment on financing.The group’s increase in net income was mainly due to the rise in net fund-based income, which improved 5.4% to RM528.9mil, driven by year-on-year growth in financing and investment securities.

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