Bank Islam, Takaful Malaysia push BIMB Holdings net profit up

BIMB Holdings' profit before zakat and taxation is up 47 percent to US$189.2 million for the financial period ended Dec 31, 2011.

This is an increase of US$60.36 million over the previous corresponding financial period.

The group ascribed its improved earnings mainly due to higher operating profits of its two major subsidiaries, Bank Islam and Takaful Malaysia in its corporate filing to Bursa.

Bank Islam achieved a strong set of results for the financial year ended Dec 31, 2011 with a PBZT of RM470.1 million, representing a 36.5 per cent or RM125.6 million increase over the corresponding twelve-month period in 2010.

The improved performance was attributed to the Bank's robust financing growth together with the steady growth in lower-cost core customer deposits.

During the twelve-month financial period ended Dec 31, 2011, Takaful Malaysia recorded a PBZT of RM101.4 million mainly contributed by the surplus from Family and General Takaful and wakalah fee income.

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