Bank Islam's 3Q Net Profit Drops To RM130.437 Mln Amid Rising Operating Costs

KUALA LUMPUR, Nov 29 (Bernama) -- Bank Islam Malaysia Bhd’s (BIMB) net profit for the third quarter ended Sept 30, 2024 (3Q FY2024) decreased to RM130.437 million from RM140.541 million in the same period last year.

Revenue, however, rose to RM1.166 billion from RM1.138 billion previously, the group said in a filing with Bursa Malaysia today.

BIMB said the decrease in the net profit was mainly due to higher total overheads, mitigated by higher net income and lower net allowance for impairment on financing.

“Total overheads were higher by RM24.9 million or 7.0 per cent over the overheads in 3Q 2023, mainly due to higher personnel expenses, general expenses and marketing expenses by RM8.3 million, RM6.2 million and RM5.6 million, respectively,” it said.

For the nine months ended Sept 30, 2024, BIMB recorded a net profit of RM396.775 million, marking a 0.5 per cent increase compared to the RM394.766 million recorded in the same period in 2023.

Revenue improved to RM3.459 billion from RM3.362 billion previously.

The group said that the profit growth was driven by higher net income and a reduction in net allowance for impairment on financing.

-- BERNAMA