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Monday, 3 December 2007

Bank Islam Malaysia's Profit Up 288 Percent In First Quarter

KUALA LUMPUR, Dec 3 (Bernama) -- Bank Islam Malaysia Bhd has posted a profit before zakat and tax of RM108.43 million for the first quarter ended Sept 30, 2007, up 288 percent from RM27.9 million in the same period last year.

Managing director Datuk Zukri Samat said the earnings growth was driven by improved operational performance and restructuring efforts.

"The pace was set by the momentum of last financial year's earnings of RM255.49 million," Zukri said in a statement.

"A healthy Malaysian economy which grew 6.7 percent in the same period provided an additional boost," he said.

Zukri said during the period, the bank continued with the strategy of enhancing its core products and growing new businesses, especially fund-based activities such as treasury and corporate investment banking activities, while strengthening controls and operations for collections and restructuring.

"The success of these combined strategies has enabled the bank to achieve strong revenue growth and a higher profit before zakat tax," he said.

Bank Islam's income in the first quarter was RM289.41 million or 38 percent higher than RM209.33 million for the same quarter last year.

At the group level, Bank Islam reported a total revenue of RM295.59 million, which includes income from the unit trust and currency trading subsidiaries.

Zukri said the rebranding of Bank Islam in August 2007 also contributed to the better performance.

"It has created a heightened awareness of the bank's range of products and services among traditional and non-traditional customers," he said.

Moving forward, the bank planned to continue focusing on the progressive implementation of the various strategies under its turnaround plan, Zukri said.

"We will build on our strengths to meet the growing competition at home and abroad," he said.

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