KUALA LUMPUR, Feb 28 (Bernama) — BIMB Holdings Berhad’s (“BHB”) earnings have hit a new high with Group Profit Before Zakat and Taxation (PBZT) at RM1.07 billion for the financial year ended 31 December 2018 (“FY2018”).
“We are very pleased to announce that the strong performance translates to an after-tax ROE of 15.4%, outpacing most industry peers. Earnings per share were also higher at 40.36 sen compared with 37.94 sen in the previous financial year, while net asset per share improved to RM2.97 compared with RM2.77 as at end December 2017”. said Mohd Muazzam Mohamed, Chief Executive Officer of BHB
For the period under review, net profit attributable to shareholders rose 10.1% or RM62.3 million to RM682.1 million.
During the year, an interim single tier dividend of up to RM262.5 million or 15.5 sen per share was proposed for the nine months ended September 2018. The Board has also proposed that the Dividend Reinvestment Plan (“DRP”) be made applicable to the entire proposed interim single tier dividend. BHB registered a DRP subscription rate of 85.95%, indicating continuous strong shareholder commitment and participation.
Islamic Banking
Bank Islam Group (“Bank Islam” or “the Bank”) reported a PBZT of RM810.3 million for FY2018, an increase of RM43.2 million or 5.6% over the previous financial year of RM767.1 million.
Bank Islam’s profit growth was mainly due to higher income resulting from the increase in the Base Rate and Base Financing Rate by 25 basis points effective February 2018, and a strong financing growth of 8.5%, which is almost double the industry’s average financing growth of 4.3% (November 2018). Financing grew RM3.6 billion to reach RM45.7 billion as at 31 December 2018 with the asset quality remaining strong and resilient, despite the robust expansion and challenging economic environment.
Takaful
Syarikat Takaful Malaysia Keluarga Berhad Group (“Takaful Malaysia”) recorded a 32.9% increase in PBZT to RM337.0 million for FY2018, compared to RM253.7 million achieved in the previous year. The higher profit is attributable to higher net wakalah fee income arising from the robust business growth in the Family and General Takaful business.
Takaful Malaysia’s operating revenue rose 23.4% in FY2018 to RM2.639 billion from RM2.139 billion in the preceding year. The increase is mainly attributable to higher sales generated by both Family Takaful and General Takaful business.
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