Bank Islam group reports higher quarterly profit but dip in revenue

Bank Islam group reports higher quarterly profit but dip in revenue

Profit before zakat and tax increased by 13.6% in the last quarter of 2020.

Bank Islam group recorded a higher quarterly profit on a dip in revenue.
KUALA LUMPUR:
Bank Islam group’s net profit for the fourth quarter ending Dec 31 surged to RM222.17 million from RM180.85 million a year earlier.

However, revenue decreased to RM1.25 billion from RM1.35 billion previously, it said in a Bursa Malaysia filing today.

The company said group profit before zakat and taxation increased 13.6% to RM302.8 million from RM266.6 million in Q4 2019.

Bank Islam achieved pre-tax profit of RM201.9 million, an increase of RM4.6 million or 2.3% from decreased total overheads despite the decrease in total net income.

Takaful Malaysia Keluarga recorded pre-tax profit of RM117.2 million, an increase by 36.9% as compared to RM85.6 million in Q4 2019.

The increase in profit was mainly attributable to savings from management expenses and release of expense reserve, it said.

Bank Islam’s holding company BIMB Holdings said the bank “aspires to be a champion in offering shariah environmental, social and governance total financial solution with leadership in digital banking and social finance by 2025.

Stay current - Follow FMT on WhatsApp, Google news and Telegram

Subscribe to our newsletter and get news delivered to your mailbox.