Update BIMB 4Q net profit falls 47% y-o-y to RM36m

by **Cals** Wed 26 Feb 2014, 17:33

Update BIMB 4Q net profit falls 47% y-o-y to RM36m

Business & Markets 2014

Written by Chong Jin Hun of theedgemalaysia.com

Wednesday, 26 February 2014 10:37

KUALA LUMPUR (Feb 26): BIMB Holdings Bhd reported a 47% fall in fourth quarter net profit from a year earlier mainly on higher taxes. The higher taxes were due to higher dividends received from its unit Bank Islam, BIMB told the exchange today.
According to BIMB, its net profit fell to RM36.4 million in the fourth quarter ended December 31, 2013 (4QFY13) from RM68.6 million. Revenue however climbed to RM729.7 million from RM665.2 million.
Full-year net profit rose to RM255.6 million from RM252.3 million a year earlier. Revenue was higher at RM2.81 bllion compared to RM2.47 billion.
BIMB said the "increase in tax charged on the higher dividend income received from Bank Islam" had curbed net profit growth.
During 4QFY13, BIMB's income statement shows that its proft before zakat and tax rose to RM234.4 million from RM198.5 million a year earlier. The group registered taxes amounting to RM113.2 million versus RM55.4 million
Revenue had grown on higher income from investment of depositors' and shareholders' funds, besides better performance at its Islamic insurance unit Syarikat Takaful Malaysia Bhd.
Looking ahead, BIMB said Bank Islam "will explore the best possible option" for fund raising. This comes amid costlier regulatory compliance and Bank Negara Malaysia's macro-prudential measures.
BIMB also foresees a competitve business landscape, hence, the importance of innovation to grow its business.
"With that in mind, Bank Islam will strive to optimise opportunities, focusing on enhancing returns and cost efficiencies and productivity," BIMB said.
Trading of BIMB shares was suspended between 9am and 10am today in conjunction with the announcement of its financials. At 10.04am, the stock added three sen or 0.7% to RM4.16.

by **Cals** Wed 26 Feb 2014, 17:34

aiks?

Update BIMB 4Q net profit falls 47% y-o-y to RM36m

Update BIMB 4Q net profit falls 47% y-o-y to RM36m

Re: Update BIMB 4Q net profit falls 47% y-o-y to RM36m