KUALA LUMPUR, Feb 28 — Bank Islam Malaysia Bhd (BIMB) recorded a lower net profit of RM534.31 million in the financial year ended Dec 31, 2021 (FY2021) from RM564.96 million a year earlier.

Its revenue retreated to RM3.17 billion from RM3.34 billion previously, the group said in a Bursa Malaysia stock exchange filing today.

The group’s profit before zakat and taxation (PBZT) was 3.3 per cent lower year-on-year (y-o-y) at RM704.2 million due to a lower non-fund-based income and higher operating expenses.

For the fourth quarter ended Dec 31, 2021 (Q4 FY2021), the group’s net profit fell to RM79.64 million from RM177.21 million in the same period in the preceding year while revenue improved slightly to RM816.28 million from RM758.81 million previously.

The group’s net return on equity (ROE) for FY2021 stood at 8.4 per cent while its earnings per share (EPS) was at 21.87 sen.

The Islamic bank’s gross financing grew 6.5 per cent y-o-y to RM59.2 billion on the back of a healthy capital position with a total capital ratio of 18.6 per cent.

BIMB group chief executive officer Mohd Muazzam Mohamed said Bank Islam will remain committed to strengthening its balance sheet, upholding its strong asset quality, and enhancing cost efficiencies further.

While embracing changes stemming from the pandemic, the group will continue its pursuit of digital transformation to strengthen long-term business growth, he added.

"As a newly listed entity, the group is steadfast in implementing group synergy strategy, advanced digitalisation, and rev up strategic partnerships,” the Islamic bank said. — Bernama