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Bank Islam Records RM108.43 million Profit in First Quarter Ended 30 September 2007: Earnings Driven by Improved Operational Performance and Restructuring Efforts

KUALA LUMPUR, SUNDAY [2 December 2007]: Bank Islam Malaysia Berhad (Bank Islam) reported a Profit before Zakat and Tax (PBZT) of RM108.43 million in the first quarter ended 30 September 2007, an increase of 288% from the RM27.9 million achieved in the same period last year.

Managing Director Dato’ Zukri Samat said: “The earnings growth was driven by improved operational performance and restructuring efforts, while the pace was set by the momentum of last financial year’s earnings of RM255.49 million.”

“A healthy Malaysian economy which grew 6.7% in the same period provided an additional boost,” he added.

He said: “Essentially, we continued with our strategy of enhancing our core products and growing new businesses, especially fund-based activities such as treasury and corporate investment banking activities, while strengthening our controls and operations for collections and restructuring.”

“The success of these combined strategies has enabled the Bank to achieve strong revenue growth and a higher PBZT,” he said.

Bank Islam’s income for the quarter under review was RM289.41 million or 38% higher than the Bank income of RM209.33 million for the corresponding quarter.

At the Group level, total income which includes revenue from the unit trust and currency trading subsidiaries, Bank Islam reported a total revenue of RM295.59 million, while Group PBZT came to RM113.42 million.

Dato’ Zukri said the Re-branding of Bank Islam in August 2007 also contributed to the better performance. The Re-branding Exercise which involves a vigorous programme to change the mindset and working culture of the staff, as well as the Bank’s approach to doing business in an increasingly sophisticated market place has enhanced the competitiveness of the various business divisions.

“It has created a heightened awareness of the Bank’s range of products and services among traditional and non-traditional customers,” he added.

“Moving forward, we will continue to focus on the progressive implementation of the various strategies under the turnaround plan and build on our strengths to meet growing competition at home and abroad,” Dato’ Zukri added.

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