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Bank Islam expects less robust profit for FY2012

Published on: Wednesday, March 21, 2012

Kuala Lumpur: Bank Islam Malaysia Bhd expects its pre-tax profit for the financial year ending Dec 31, 2012 to be less robust compared to previously on the back of a challenging environment, its Managing Director Datuk Seri Zukri Samat said.

He said the external environment was not favourable for growth as the European economy is still very fragile, while the United States remains uncertain, with the economies of Brazil, Russia, India and China (BRIC)expected to slow down.

"As a result, the bank's loans growth is projected to be between 12-13 per cent this financial year against the 20 per cent previously," he told reporters after a signing ceremony for the Corporate Integrity Pledge (CIP) by the bank, here Tuesday.

Bank Islam is the first Islamic financial institution to commit to the Anti-Corruption Principles for Corporations.

It recently announced a pre-tax profit of RM470.1 million for the financial year ended Dec 31, 2011 and a gross non-performing finance ratio of 2.6 per cent. - Bernama