Latest news with #RM1.23
New Straits Times
30-05-2025
- Business
- New Straits Times
Bank Islam Q1 earnings down on higher provisions, but non-fund income jumps 50pct
KUALA LUMPUR: Bank Islam Malaysia Bhd's (BIMB) net profit dropped 3.4 per cent to RM126.27 million in the first quarter ended March 31, 2025 (1Q25) from RM130.73 million a year ago. The lower earnings were mainly due to higher net allowance for impairment on financing and higher total overheads, mitigated by higher net income, the bank said in a filing to Bursa Malaysia today. However, revenue for the quarter rose to RM1.23 billion, down 7.89 per cent from RM1.14 billion previously. Earnings per share stood at 5.57 sen, down 0.2 sen from 5.77 sen in 1Q24. BIMB registered a net income of RM673.5 million in 1Q25, a nine per cent increase from a year earlier, primarily driven by a 50.3 per cent surge in non-fund-based income at RM133.6 million. Other contributing factors included increased foreign exchange transactions income and net gains from the sale of investment securities. BIMB's net allowance for impairment on financing and advances rose by RM37.5 million to RM79.8 million in the quarter, primarily due to an increase in net new impaired financing. The bank's total assets stood at RM98.3 billion, up eight per cent year on year, spurred by increased investment securities and financing. Gross financing grew six per cent to RM71.8 billion, driven by a 6.5 per cent increase in consumer financing and a 10.4 per cent rise in commercial financing. Customer deposits and investment accounts rose 5.5 per cent to RM80.6 billion. As of March 2025, the bank's current, savings and transactional investment accounts stood at RM30 billion, representing a healthy composition of 37.2 per cent. Total capital ratio remained robust at 18.7 per cent. Commenting on the financial performance, group chief executive officer Datuk Mohd Muazzam Mohamed said the bank delivered a modest first quarter performance, driven by strategic growth and a commitment to sustainability. "As a forward-looking, Shariah-compliant financial institution, we continue to evolve with customer expectations while leveraging technological advancements in Islamic finance. "Our continued focus on responsible banking and long-term sustainable growth reinforces Bank Islam's leadership in shaping a more inclusive, resilient, and future ready financial ecosystem," he said in a separate statement. On prospects, BIMB said its business growth strategies for 2025 prioritise the expansion of wealth management, Ar-Rahnu and bureau-de-change services, while fortifying collaboration with its subsidiaries, namely, BIMB Investment Management Bhd and BIMB Securities Sdn Bhd. The bank will also continue to strengthen its Ar-Rahnu services by expanding product offerings and enhancing accessibility, further advancing Shariah-compliant financial solutions to meet evolving customer needs. BIMB said it remains steadfast in addressing environmental and social challenges, particularly climate change and community upliftment. It noted that social finance remains the key pillar in this approach, spearheaded by its globally recognised social finance driver, Sadaqa House.
The Sun
28-05-2025
- The Sun
Johor cops bust two drug syndicates, RM2.3 million in drugs seized
JOHOR BAHRU: Johor police have dismantled two drug syndicates in the state, following the arrest of eight individuals and seizure of various types of drugs amounting to RM2.3 million in separate raids at Jalan Skudai Lama and in Pontian on May 20 and 21. Johor police chief Datuk M. Kumar said in the first case, seven individuals were arrested, comprising five local men and two foreign women, aged between 29 and 54. He said the syndicate, believed to have been active since January last year, used the WeChat application as their main platform for transactions. 'Various types of drugs were found in a car and a terrace house which had been used as a storage location. 'In total, drugs worth RM1.23 million were seized, including 7.08 kilogrammes (kg) of ecstasy powder, 1.37 kg of heroin, 139.34 grammes of ketamine, 123.10 grammes of syabu, and 127 eramin 5 pills,' he told a press conference, here today. He said police also confiscated three cars, two motorcycles, RM9,320 in cash, and jewellery worth RM32,453. Meanwhile, in a separate case, police arrested a 35-year-old local man and seized various drugs weighing 6.46 kilogrammes worth RM1.07 million during a raid in the Pontian area on May 21. He said the man was believed to have used a terraced house in the district as a drug storage and distribution hub. 'We are still tracking other members of this group, believed to have been active since March 2025,' he said.
New Straits Times
28-05-2025
- New Straits Times
WeChat used in Johor drug network, RM1.23mil in seizures
JOHOR BARU: A WeChat-based drug trafficking syndicate operating from gated residences in Johor was dismantled following a two-day special operation by the state Narcotics Criminal Investigation Department (NCID) on May 20 and 21. Johor police chief Datuk M. Kumar said the first raid at 3.30pm led to the arrest of a 32-year-old man and a 29-year-old Vietnamese woman inside a Nissan X-Trail at the lobby of a guarded apartment along Jalan Skudai Lama. Police found packets of drugs, including syabu, ketamine, and Erimin 5 pills, in the vehicle. The male suspect, who has a criminal record, had rented the apartment unit. A follow-up raid at a guarded terrace house in the district resulted in the arrest of five more suspects — four men and a Myanmar woman — aged between 29 and 54. He said the second location was used as a drug storage hub, with police seizing over RM1.23 million worth of narcotics, including 7.08kg of ecstasy powder, 1.37kg of heroin, 139g of ketamine, 123g of syabu, and 127 Erimin 5 pills. Police also confiscated three vehicles, two motorcycles, RM9,320 in cash, and jewellery worth RM32,453.20. "The syndicate, active since January, used WeChat to coordinate transactions with long-time clients. "Buyers and suppliers would use the app to agree on drop-off points, where drugs and cash were exchanged anonymously. The locations changed constantly and were only shared with trusted contacts," Kumar said at a press conference today. All seven suspects have been remanded until June 2. The case is being investigated under Section 39B of the Dangerous Drugs Act 1952. The Myanmar woman is also being investigated under Section 6(1)(c) of the Immigration Act 1959/63 for lacking valid travel documents. In a separate operation in Pontian on May 21, police arrested a 35-year-old man suspected of drug distribution. The man, who tested positive for methamphetamine, was caught at a rented terrace house at 6pm. Police seized 6.4kg of ecstasy powder, 5.66g of ketamine, 20.04g of syabu, 76 ecstasy pills, and eight yaba pills worth RM1.07 million — enough for an estimated 21,559 addicts. Police also seized RM600 from the suspect, who has been remanded until June 2. Investigations are underway to track down other members of the syndicate.
Malay Mail
29-04-2025
- Business
- Malay Mail
Digital minister: Malaysia draws RM16.2b digital investments by mid-April, data centres and AI drive boom
GEORGE TOWN, April 29 — Malaysia has recorded total investments of RM16.2 billion from digital companies between January and mid-April this year. Digital minister Gobind Singh Deo today said the investments are expected to create some 6,500 jobs over the next five years. He said Malaysia has a total 3,891 active Malaysia Digital (MD) companies with 254 in the northern region. 'Data centres and cloud investments lead the way contributing RM9.9 billion or more than 60 per cent of the total,' he said in his speech at the Malaysia Digital Open Day at UAB Building here. He said artificial intelligence (AI) companies also make up the largest share of new MD-status companies at 27 per cent, followed by data centres (23 per cent) and global business services (11.5 per cent). Gobind said investor confidence in Malaysia has remained strong with the top five sources of foreign direct investments coming from Netherlands, Singapore, Hong Kong, India and the United Kingdom. To date, he said Penang has attracted RM1.23 billion in MD-approved investments with 266 jobs expected to be created. 'While 93 per cent of these investments are driven by data centre and cloud, more than 60 per cent of job opportunities are in high-value sectors such as IC (integrated circuit) design and embedded software,' he said. 'Malaysia's commitment to stable governance, investor-friendly policies and digital innovation is what continues to earn the trust of global investors,' he added. He said Malaysia's digital economy agenda is focused on building a vibrant ecosystem that enables businesses to thrive, empowers communities through technology and ensures that the benefits of digitalisation are felt across all layers of society. He added that Malaysia will be hosting the Malaysia AI Summit 2025 that will bring together policymakers, researchers and global tech leaders to shape the future of AI in Southeast Asia. Malaysia will also host the Smart City Expo Kuala Lumpur 2025 that will showcase innovative urban solutions as well as foster collaboration among Asean countries, he said. 'With this series of international and regional events, Malaysia is poised to become the regional tech hub for digital innovation, supporting digital transformation and driving sustainable urban development,' he said. He said the establishment of a regional office in Penang to serve Penang, Kedah, Perak and Perlis will link local stakeholders to national programmes, talent development efforts and digital ecosystem support.
