Bank Islam Malaysia group CEO Datuk Mohd Muazzam Mohamed
PETALING JAYA: Bank Islam Malaysia Bhd will navigate economic uncertainty by prioritising fundamentals, disciplined balance sheet management and innovative solutions that set it apart in a competitive market.
“Our focus remains on growing non-fund-based income, expanding wealth management and driving financing growth,” said group CEO Datuk Mohd Muazzam Mohamed in comments accompanying its results announcement.
In the second quarter ended June 30, 2024 (2Q24), Bank Islam recorded a net profit of RM137.17mil, which was slightly higher than the RM136.14mil achieved in the year-ago quarter. The bank’s revenue rose to RM1.15bil in 2Q24 from RM1.12bil in 2Q23, while earnings per share stood at 6.05 sen against 6.04 sen previously.
For the six-month period to June 30, 2024 (1H24), the bank posted a net profit of RM266.34mil, up from RM254.23mil in 1H23 while revenue rose to RM2.29bil from RM2.22bil in the comparative period.
According to the group, its 1H24 net income increased mainly due to higher net fund-based income, which rose 5.8% to RM1.07bil on financing and investment securities growth.
The group’s net income margin improved nine basis points to 2.17% in 1H24 as compared to 2.08% in 1H23. The group’s non-fund-based income decreased 14.1% due to lower investment income.
