BIMB Holdings Berhad Group’s PBZT rose 6.6%, recording RM612.2 million for the six months ended 30 June 2021, while net profit similarly increased by 6.8% to RM387.1 million. The Group registered healthy annualised ROE of 11.6% and net assets per share of RM3.69.
Despite a series of MCOs, asset quality remained strong, projected financing growth hovers around 3% to 4%, driven by the household sector whilst the banking system remained well-capitalised. Commenting on the results, Mohd Muazzam Mohamed, Chief Executive Officer said the Group continues to focus on integrating the principles of Shariah, Value-Based Intermediation (“VBI”) as well as environment, social and good governance (“ESG”) considerations to remain resilient and promote financial inclusion for all.
Bank Islam Group recorded a PBZT of RM475.0 million for the 1H21, which rose by 22.1% over the corresponding period in 2020. The increase is mainly due to no significant modification loss charged during the period for moratorium granted to customers. Whereas for the corresponding period in 2020, the Bank incurred an RM97.8 million modification loss on the automatic moratorium granted in April 2020.
BIMB’s total assets stood at RM73.6 billion, a year-on-year increase by RM5.0 billion from RM68.6 billion reported which was mainly contributed by the increase in financing, advances and others by RM3.2 billion and increase in cash and short-term funds by RM1.0 billion. Customer deposits and investment accounts stood at RM61.9 billion, with a year-on-year increase of RM3.3 billion or 5.8%. Total current and saving accounts and transactional investment accounts (“CASATIA”) composition is healthy at 38.6% of total customer deposits and investment accounts. Total gross impaired financing as of 30 June 2021 was RM407.2 million compared to RM371.5 million as of 30 June 2020.
With gross impaired financing sustained at 0.72%, the Bank maintains its prudential risk management while persevering resilience amidst the prolonged challenges by sustaining traction on sound financial standing products.
General Takaful business also recorded a higher gross earned contributions of RM415.2 million in 1H21 and was mainly attributable to motor classes.
Nearing the end of the group restructuring exercise, the Bank aspires to unlock value for all, paving the way for the country’s only listed pure-play full-fledged Islamic financial institution. Takaful Malaysia will continue its strategic initiatives to strengthen its business resilience and adjust its operating models in managing the business in a very different market and dynamic operational landscape.
