Thursday, August 25, 2011

BIMB posts RM62.85m net profit in 2Q, declares 3.5c interim dividend

KUALA LUMPUR: BIMB HOLDINGS BHD [] posted net profit RM62.85 million for the second quarter ended June 30, 2011 on the back revenue RM502.26 million, driven by higher operating results registered by its subsidiaries, mainly Bank Islam Malaysia Bhd and SYARIKAT TAKAFUL MALAYSIA BHD [].

Earnings per share was 5.89 sen while net assets per share was RM1.66.

BIMB declared an interim dividend of 3.5 sen per share.

For the six months ended June 30, BIMB's net profit was RM114.21 million on the back of revenue RM986.13 million.

Reviewing its performance, BIMB group managing director and chief executive officer Johan Abdullah said on Aug 25 the growth in the group's net income was driven by higher profit from the continued growth in financing, higher non-fund based income and improved asset quality in Bank Islam, as well as higher profit generated from Takaful businesses.

On BIMB's prospects, Johan said the Malaysian economy is expected to grow between 4% and 5% in 2011, while the outlook for the Malaysian banking sector remains positive.

This was supported by strong economic fundamentals, robust domestic demand and the roll-out of the Economic Transformation Program, he said.

'BIMB will continue to focus on enhancing its revenue generation and sustainability, especially in diversifying its non-fund based income, and achieving a more balanced portfolio between wholesale and retail market segments.

'The group expects its improving asset quality to be sustained and will continue to leverage on Bank Islam and Takaful Malaysia franchise to deliver revenue growth,' he said.

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