KUALA LUMPUR, July 1 (Bernama) -- Bank Muamalat Malaysia Bhd's (BMMB) profit before tax increased 4.6 per cent to RM241.2 million for the financial year ended March 31, 2019, from RM230.5 million posted in the corresponding period of 2018.
Revenue increased to RM1.33 billion from RM1.21 billion, largely from higher financing income.
"The improved performance was driven by higher financing income of RM903.8 million from the previous financial year’s position of RM886.3 million, which is in line with the expansion of its gross financing base.
"In addition to this, the increase was also fuelled by higher income in investment securities, as well as higher gain recorded in foreign exchange transactions," chief executive officer, Datuk Mohd Redza Shah Abdul Wahid said in a statement.
Total gross financing grew to RM15.5 billion as at end of March 2019, from RM14.9 billion a year ago.
“At the same time, asset quality, as measured by gross impairment ratio, continued to improve from 1.92 per cent recorded in the previous corresponding period to 1.43 per cent,” Mohd Redza said.
The bank’s capital position remained at a healthy level with Tier I capital ratio and total capital ratio standing at 15.8 per cent and 18.6 per cent, respectively.
“These improvements were the results of our constant effort on prudent recovery, credit risk management initiatives and better quality financing base expansion,” he added.