BIMB’s Net Profit Increases

The fourth quarter net profit of BIMB Holdings Bhd (BHB) for the financial year ended 31 December 2020 strengthened to RM222.17 million compared to RM180.85 million recorded in the previous year.

Revenue, however, declined to RM1.25 billion from RM1.35 billion, he said in a filing to stock Malaysia today.

BHB Group Pre-Zakat and Taxation Profit (PBZT) for the fourth quarter of 2020 jumped 13.6 per cent to RM302.8 million from RM266.6 million recorded in the fourth quarter of 2019.

“For the fourth quarter of 2020, Bank Islam achieved PBZT of RM201.9 million, an increase of RM4.6 million or 2.3 per cent over the same period due to a decrease in total overhead despite declining net income.

Family Takaful Malaysia recorded PBZT of RM117.2 million in the fourth quarter of 2020, up 36.9 per cent from RM85.6 million in the fourth quarter of 2019.

The increase in profits was due to savings from management expenses and relief of expenditure reserves, he said.

BHB in a separate statement said, as part of its business plan for 2021, Bank Islam is embarking on a five-year roadmap to initiate the use of technology, redefine growth and explore new working methods to address unprecedented challenges.

“By 2025, the bank aspires to be a leader in offering comprehensive financial solutions involving the Shariah environment, social and governance (Syariah-ESG) with leadership in digital banking and social finance,” he said.

Speaking of takaful business, Takaful Malaysia takes appropriate steps to strengthen the resilience of the business as well as adapt its business management operating model in a very different market and dynamic operating landscape.

“Takaful Malaysia remains vigilant and prudent in managing operating costs, business growth and portfolio risk,” he said.

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