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Bank Islam Records Pre-Tax Profit of RM200 Million for First 9 Months of Financial Year 2007

KUALA LUMPUR, Wednesday [31 May 2007]: Bank Islam Malaysia Berhad (Bank Islam) has reported a cumulative profit before zakat and tax (PBZT) of RM200.7 million for the nine months ended 31 March 2007 Of this RM34.9 million was posted in the third quarter of the financial year.

Bank Islam’s Managing Director Dato’ Zukri Samat said earnings in the third quarter (Q3) came mainly from operations, which continued to benefit from the implementation of strategic changes under the Bank’s turnaround plan to grow new businesses.

Fee-based activities such as business banking, treasury and credit card operations showed significant improvements in income contribution in the quarter under review. “We expect these business segments to increase earnings contribution in the next quarter, and in the new financial year,” he added.

He said the Bank reported revenues of RM293.5 million in Q3, bringing its cumulative nine-month revenues to RM730.7 million. In comparison, in the nine months ended 31 March 2006, Bank Islam reported a loss before zakat and tax of RM153.4 million on revenues of RM733.5 million.

The sustained earnings recovery has further improved the Bank’s Risk-Weighted Capital Ratio (RWCR) to 12.4%. At the half-year mark, the Bank’s RWCR was [11.7%].

Dato’ Zukri said the implementation of the turnaround plan is progressing as scheduled, especially the rebranding of the Bank, which aims to further improve its delivery system and enhance customer service.

“Our goal, by the end of FY2007, is to be positioned to take advantage of existing and new opportunities arising from the development of Malaysia as an international Islamic financial centre. In addition, we expect our re-branding exercise to enhance our brand and to improve on our service delivery, as part of our overall strategy to stay competitive,” he added.

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