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Thursday, November 28, 2013

BIMB Q3 net profit up 25%

Source: http://www.thestar.com.my/Business/Business-News/2013/11/28/BIMB-Q3-net-profit-up-25-Zukri-named-GIFA-Islamic-Banker-of-the-Year-2013-in-Dubai.aspx

KUALA LUMPUR: BIMB Holdings Bhd’s net profit surged 24.6% to RM75.4mil in the third quarter ended Sept 30, against RM60.5mil in the same quarter last year.
Revenue for the quarter increased 8.5% to RM696.02mil from RM641.58mil. Earnings per share was at 7.07 sen versus 5.68 sen.
For the nine months to Sept 30, BIMB’s net profit rose 19.3% to RM219.1mil from RM183.6mil a year ago. Revenue increased by 15% to RM2.08bil from RM1.81bil.
BIMB posted a consolidated profit before zakat and taxation of RM598.70mil for the nine-month period, up RM79.8mil or 15.4% over the previous corresponding nine-month period ended Sept 30, 2012.
“The higher profitability was mainly achieved on the back of higher operating results of RM32.5mil and an RM49.6mil improvement in allowances for impairment on financing and advances, investment and other assets, as well as the non-recurrence of provision for contingent liability,” group managing director/chief executive officer Johan Abdullah said in a statement.
He said: “BIMB’s consolidated net profit for the period under review stood at RM424.4mil, which recorded a growth of RM65.5mil or 18.2% compared to the same period last year. In tandem with the higher profitability, the net profit attributable to the shareholders of the company increased by RM35.5mil or 19.3%.”
BIMB said the group registered net financing growth of RM3.1bil or 15.7% for the nine months under review, as asset quality improved further with a gross impaired financing ratio of 1.39% as at Sept 30. Total capital ratio of unit Bank Islam Malaysia Bhd (computed in accordance with CAFIB-Basel III with effect from Jan 1, 2013) remained healthy at 14.18%.
Meanwhile, Bank Islam managing director Datuk Seri Zukri Samat has been named “Islamic Banker of the Year 2013” at the Global Islamic Finance Awards (GIFA). He received the prestigious award at the GIFA 2013 awards ceremony in Dubai held in conjunction with the 5th World Islamic Retail Banking Conference.
GIFA is the first of its kind in Islamic banking and finance. The awards recognise and celebrate the success and contributions of individuals and institutions in the Islamic financial services industry.
“I’m deeply honoured to be the recipient of this prestigious award. However, I wish to reiterate that the award is not for me alone but for the teamwork exhibited by all the staff of Bank Islam who have worked very hard to turn the bank into what it is today.
“I am also very grateful for the strong support given by Bank Negara and our shareholders, Lembaga Tabung Haji, the Dubai Financial Group and BIMB. This award marks another important milestone for the bank and will further motivate us to keep pushing towards excellence through innovation,” Zukri said in a separate statement.

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