Bank Islam sticks to its target

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Bank Islam Malaysia Bhd had set a lofty target of 7% to 8% growth in loan growth for the year, but in the first half of 2024 (1H24), it came in softer compared to some peers, with below-industry growth of 3%.

The net profit for 1H24 stood at RM266mil – below analysts’ expectations – due to higher operating expenditure and lower than expected non-fund-based income (NFBI), an area which the bank has focused on growing for the last few years.