Absence of Modification Loss Sees BIMB Holdings’ Net Profit Rise 21% YoY in 2Q 2021

BIMB Holdings (BIMB) recorded a net profit of MYR 184.6 million for the second quarter ended 30th of June 2021 (2Q 2021), an increase of 21% year-on-year (YoY). This was mainly due to there being no modification loss in the quarter under review as compared to the corresponding quarter of the previous year. Revenue for 2Q 2021 increased by 9.6% YoY to MYR 1.25 billion.

Why it Matters?

The increase in earnings of BIMB was due to the improved performance of its operating subsidiary, Bank Islam Malaysia (Bank Islam). Bank Islam recorded a profit before zakat and tax (PBZT) of MYR 475 million during the first six months of 2021 (1H 2021), reflecting an increase of 22.11% YoY. This contributed to a 6.8% YoY increase in net profit for BIMB during 1H 2021. In a...