KUALA LUMPUR: After posting two years of heavy losses, Bank Islam Malaysia Bhd has reported a turnaround for the year ended June 30, 2007 (FY07).
The bank chalked up its highest profit before zakat and tax of RM255.5mil on revenue of RM1.03bil compared with a loss before zakat and tax of RM1.28bil on revenue of RM948.9mil in FY06.
Managing director Datuk Zukri Samat attributed the strong performance to operational turnaround and the bank’s intensive loan-recovery programme.
“Going forward, we would like to grow our profit from operations. We expect contribution from operations to be substantial in the current financial year,” Zukri said after a briefing on its financial results.
On the bank’s progress in addressing legacy non-performing finances, he said a local party was currently conducting due diligence on the loans and a “carve-out plan” was expected to be finalised year-end.