BIMB posts 16pc surge in earnings

Business Times

KUALA LUMPUR: BIMB Holdings Bhd said its earnings jumped 16 per cent last year, boosted by improved profits at key bank and insurance companies in its portfolio.

BIMB's operating profit for the year ended December 31 2013 rose to RM833.1 million from RM717.4 million a year earlier, it said in statement yesterday. Revenue rose 12 per cent to RM2.8 billion.

The company is in the process of becoming the sole owner of Bank Islam, Malaysia's oldest and largest standalone syariah bank.

It is also the top shareholder in Syarikat Takaful Malaysia Bhd, the region's largest Islamic insurance firm.

BIMB said it expects organic growth and good-quality assets to help its banking operations continue to "perform favourably", despite measures introduced by Bank Negara Malaysia to curb household landing. Reuters