BIMB Holdings FY18 net profit jumps 10pc to RM682.06m

, Feb 28 — BIMB Holdings Bhd’s (BHB) net profit for the ended Dec 31, 2018 (FY18) jumped 10 per cent to RM682.06 million from RM619.84 million the preceding year.

Revenue improved to RM4.20 billion from RM3.72 billion, mainly from its main operating subsidiaries — Bank Islam Bhd and Syarikat Takaful Keluarga Bhd group.

As at end FY18, BHB registered a return on equity (ROE) of 15.4 per cent (after tax and zakat).

Consequently, net assets per share also improved to RM2.97 compared to RM2.77 as at end FY17.

Bank Islam achieved a Profit Before Zakat and Taxation (PBZT) of RM810.3 million for FY18, an increase of 5.6 per cent from RM767.1 million previously, due to higher total income.

Meanwhile, Takaful Malaysia recorded PBZT of RM337.0 million, up 32.9 per cent as compared to RM253.7 million previously.

The improvement in profit was mainly attributable to higher net wakalah fee income arising from in the family and general takaful business, partially offset by fair value losses.

On outlook, BHB said the Malaysian sector is expected to remain stable in 2019, coupled with ongoing challenges such as moderating growth and margins.

The bank’s strategic plan for the next three years is to deliver sustainable performance with a strategic focus to support economy, community and environment.

On the Takaful industry, BHB expects it to outperform the conventional insurers in view of the strong demand in the Takaful products.

“Takaful Malaysia is poised to further expand its in 2019.

“To sustain its market leading position, Takaful Malaysia will continue with its innovative strategies via the implementation of its digital strategy, introduction of online solutions, expansion of its distribution capabilities, strategic partnerships with leading Islamic banks and brand awareness initiatives,” it said in a filing with Bursa Malaysia today. — Bernama

Source: The Malay Mail Online

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