Bank Islam Malaysia’s Net Profit in 3Q 2021 Affected by Higher Tax Expenses

Bank Islam Malaysia (BIMB) reported a net profit of MYR 101.6 million (USD 24.1 million) in the third quarter of 2021 (3Q 2021), down from MYR 102.2 million (USD 24.3 million) in the corresponding period in 2020 due to increased tax expenses.

Why it Matters?

The Bank had an improved profit before Zakat and taxation of MYR 152.8 million (USD 36.4 million) in comparison to the earlier year, an increase of 11.3% year-on-year (YoY). This was attributed mainly to lower net allowance for impairment on financing and advances which reduced to MYR 34 million (USD 8.1 million) from MYR 155.5 million (USD 36.9 million) a year earlier. BIMB, in a filing to Bursa Malaysia, stated that the steps taken to assist customers during this trying period resulted in the mod...