Bank Islam RM101.6m in posts net profit of Q3

Bank Islam Malaysia Bhd’s (BIMB) net profit slipped to RM101.63 million in the third quarter (Q3) ended 30 September 2021, from RM102.25 million in the corresponding period in 2020 due to higher tax expenses. Its profit before zakat and taxation improved 11.3% year-on-year (y-o-y) to RM152.84 million, mainly due to lower net allowance for impairment on financing and advances of RM34 million compared to RM155.5 million a year earlier. “The lower allowance for impairment on financing and advances was mainly due to modest deterioration of assets quality as a result of various efforts from the group to assist customers during these challenging times such as PEMULIH repayment assistance, targeted relief as well as giving out automatic moratorium to the affected customers,” it said in a filing with Bursa Malaysia on 30 November.