PETALING JAYA: Bank Muamalat Malaysia Bhd registered a profit before zakat and tax (PBZT) of RM306.7 million for the financial year ended Dec 31, 2022 (FY2022).

The amount represents a growth of 20.3% from the RM254.9 million posted in the previous corresponding period, the bank said in a statement today.

President and CEO Khairul Kamarudin said the stellar performance was largely driven by increased distributable income and robust financing growth in tandem with the group’s business growth and improved asset quality.

“The group also registered growth in total assets which expanded by 14.4% to RM31.5 billion, compared to RM27.6 billion in the previous financial year.

“This was largely contributed by the 16.2% growth or RM3.3 billion increase in total financing to customers, from RM20.7 billion to RM24 billion, mainly from the consumer banking segment,” he said.

Khairul, however, conceded that the group asset quality remained low, with gross impaired financing standing at 0.85% as at Dec 31, 2022, a marginal increase as compared to 0.83% registered as at Dec 31, 2021.

He also said that the group’s common equity tier-1 ratio and total capital ratio remained stable, closing at 12.5% and 17.6%, respectively, which were well above regulatory requirements.

Going forward, the bank said it remains cognizant of the evolving economic outlook this year and is ready to navigate challenges to record another important milestone in the new financial year 2023.

Bank Muamalat is 70%-owned by DRB-Hicom Bhd, a conglomerate with involvement in the automotive, property and services sectors.

The remaining shares are held by national sovereign wealth fund Khazanah Nasional Bhd.

<h1>Bank Muamalat records 20% higher profit in FY2022</h1>Its profit before zakat and tax grew to RM306.7 million from RM254.9 million in the previous year.PETALING JAYA: Bank Muamalat Malaysia Bhd registered a profit before zakat and tax (PBZT) of RM306.7 million for the financial year ended Dec 31, 2022 (FY2022).The amount represents a growth of 20.3% from the RM254.9 million posted in the previous corresponding period, the bank said in a statement today.President and CEO Khairul Kamarudin said the stellar performance was largely driven by increased distributable income and robust financing growth in tandem with the group’s business growth and improved asset quality.“The group also registered growth in total assets which expanded by 14.4% to RM31.5 billion, compared to RM27.6 billion in the previous financial year.“This was largely contributed by the 16.2% growth or RM3.3 billion increase in total financing to customers, from RM20.7 billion to RM24 billion, mainly from the consumer banking segment,” he said.Khairul, however, conceded that the group asset quality remained low, with gross impaired financing standing at 0.85% as at Dec 31, 2022, a marginal increase as compared to 0.83% registered as at Dec 31, 2021.He also said that the group’s common equity tier-1 ratio and total capital ratio remained stable, closing at 12.5% and 17.6%, respectively, which were well above regulatory requirements.Going forward, the bank said it remains cognizant of the evolving economic outlook this year and is ready to navigate challenges to record another important milestone in the new financial year 2023.Bank Muamalat is 70%-owned by DRB-Hicom Bhd, a conglomerate with involvement in the automotive, property and services sectors.The remaining shares are held by national sovereign wealth fund Khazanah Nasional Bhd.Bank Muamalat is a leading Islamic bank, established on 1 October 1999, and is governed by Islamic Financial Services Act 2013 (IFSA). As a full-fledged Islamic financial institution, the bank offers its customers a broad range of services, meeting the needs of both individuals and institutions.+603-2600 5500
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Its profit before zakat and tax grew to RM306.7 million from RM254.9 million in the previous year.

Bank Muamalat records 20% higher profit in FY2022

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