Bank Islam Delivers RM1.1 Billion In Profit Despite Covid-19 Crisis

Source: The Malay Mail

Bank Islam Malaysia Berhad (Bank Islam) has achieved RM1.1 billion in profit before zakat and tax cut despite facing the Covid-19 crisis last year.

Chief Executive Officer (CEO) of BIMB Holdings Berhad and Bank Islam Malaysia Berhad, Mohd Muazzam Mohamed said the achievement was due to the prudent management overlay on top of gross modification loss of RM136.4 million even with a drop of 8.9 percent year-on-year (y-o-y).

“Despite the Covid-19 tsunami we faced last year, we are still unscathed by it. Based on our profit after zakat and tax, we have delivered superior return on equity of 12.8 percent and sustained a balance dividend yield of 3.16 percent,” he added.

Based on Bank Islam’s financial results in 2020, they have the highest ROE in the industry and is the only financial group with higher ROE and Cost of Equity.

The Bank will also restructure its organisation and have approval from the Ministry of Finance (MoF), Bank Negara Malaysia (BNM), Malaysia’s Securities Commission (SC), and its shareholder and warrant holders before its transfer of listing to have full autonomy in steering the growth of the banking group ahead. 

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