BIMB declares 10.4 sen interim dividend

BANK Islam Malaysia Bhd (BIMB) today declared an interim single-tier dividend of 10.4 sen per share in respect of the financial year ending Dec 31, 2022 (FY22), amounting to approximately RM224.15 million.

BIMB’s board of directors also determined that the dividend reinvestment plan (DRP) will apply to the entire interim dividend, providing the shareholders of BIMB with an option to elect to reinvest the dividend into new ordinary shares of BIMB.

On Jan 20, 2022, the bank paid an interim dividend of 10.93 sen per ordinary share, amounting to RM226.9 million for the previous FY21.

From the total dividend amount, approximately 12% or RM 27.6 million was distributed as cash dividend while the remaining 88%, amounting to RM199.3 million, was reinvested to subscribe for 79.39 million new ordinary shares at RM2.51 each via the DRP.

The new ordinary shares were listed on Jan 21, 2022.

In a statement, Bank Islam Group CEO Mohd Muazzam Mohamed (picture) said the bank remains committed to realising its five-year business strategic plans to become the champion in Shariah-ESG total financial solutions with leadership in digital banking and social finance.

Being predominantly retail-driven, BIMB continues to build on its core strengths, sustaining its secured payment financing model while building strategic partnerships with targeted organisations.

Adopting and focusing on customer-centricity, BIMB looks to provide financial solutions across segments through its Retail Banking distribution and Premier Wealth Banking.

While it improves operational business processes, BIMB plans to optimise digitalisation in delivering convenient and personalised services to its customers to enhance customer experience.

“In advancing our goals to become future-ready, we have embarked on the second phase of our four-year IT Blueprint to uplift BIMB’s ways of working. The move also enables us to strengthen our IT infrastructure effectively while focusing on improving customer experience and delivering business objectives,” said Mohd Muazzam.

As part of its sustainability journey and ESG commitment, BIMB is expanding its green financing portfolio and widening its exposure to new green segments such as energy efficiency, net energy metering, office automation and waste management.

“To date, we have approved around RM2.9 billion in green financing for projects in renewable energy, sustainable waste management, public transportation, and green manufacturing. The bank has set an aspirational target to increase its green financing portfolio to RM4 billion by 2025. In achieving this, BIMB is actively pursuing climate finance by developing targeted products, including low-carbon transition financing for SMEs and ESG-linked financing for corporates embarking on business transformation towards low-carbon operations,” added Muazzam.

On Dec 1 2022, Bank Islam announced that its net profit for the third quarter ended Sept 30, 2022, leaped 40.57% to RM142.86 million from RM101.63 million in the same period last year, while revenue for the quarter grew 25.12% to RM933.68 million. — TMR