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Bank Islam Q2 net profit slips to RM117.16 mln, remains cautious on outlook

30/08/2022 06:55 PM

KUALA LUMPUR, Aug 30 (Bernama) -- Bank Islam Malaysia Bhd’s (BIMB) net profit for the second quarter ended June 30, 2022 (Q2 2022) slipped to RM117.16 million from RM194.33 million, due to lower net income, compounded by higher total overheads and net allowance for impairment on financing and advances.

Revenue fell to RM823.02 million against RM834.34 million previously while basic earnings per share (EPS) dipped to 5.44 sen from 7.44 sen before.

For the first-half year ended June 30, 2022 (1H 2022), net profit declined to RM223.07 million from RM353.04 million while revenue dropped marginally to RM1.596 billion compared with RM1.605 billion. Basic EPS was also down to 10.39 sen from 13.54 sen previously, BIMB said in a filing with Bursa Malaysia today.

In a separate statement, group chief executive officer Mohd Muazzam Mohamed said while the bank is cautious in its outlook for the remainder of the year given the global uncertainties, it is steadfast in its digitalisation strategies and investing toward business growth, as set out in its LEAP25 plan.

“We are working towards strengthening our balance sheet, upholding the strong asset quality, and enhancing cost efficiencies further.

“On that front, in mid-July, the group launched Be U, its digital banking proposition catered to the digital-native, younger generation,” he said.

Be U is the first cloud-native digital bank in the country, applying a first-of-its-kind technology stack proposition.

“The onboarding of industry-leading players as our strategic partners will unlock more functionalities and bring value-added services to the platform. Over the next 12 months, Be U is expected to release offerings such as term deposit, debit card, personal financial management, and much more," he said.

Mohd Muazzam added that considering the positive domestic growth momentum in recent months, the group expects measured and gradual removal of monetary support.

“We anticipate the introduction of a targeted subsidy system by the government to aid those eligible in this trying time. Nevertheless, Bank Islam Group stands ready to provide necessary aid to ensure our customers remain resilient as they get back on their feet,” he concluded.





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