BIMB Q1 pre-tax profit up

 

BIMB Holdings Bhd, which provides Islamic banking and related services, recorded a pre-tax profit of RM99.58 million for its first quarter ended September 30, 2009, up 6.57 per cent from RM93.44 million in the same period last year.

Revenue rose to RM400.42 million from RM384.87 million previously, the group said in a filing to Bursa Malaysia today.

"Total revenue for 2009 registered a growth of four per cent in comparison to 2008, as a result of a RM41.3 million increase in revenue from fund-based activities in Bank Islam, and also the increase in profit from the family and general takaful funds attributable to the group of RM20.1 million," it said.

BIMB Holdings said the growth was however partly offset by lower money market rates earned by the group for the quarter.

Operating results (before allowance for losses on financing) grew by RM37.8 million or 34 per cent, in comparison to the operating results of RM111.7 million for the same quarter last year.

However, the RM31.7 million increase in allowance for losses on financing incurred for the first quarter resulted in a profit before zakat and tax growth of only RM6.1 million, the group said. - Bernama