Bank Industri group, comprising Bank Industri & Teknologi Bhd, Exim Bank and Malaysia Export Credit Insurance Bhd, has posted a record pre-tax profit of RM80.8m for the first half of 2003, thanks to good recovery of bad debts, Bank Industri & Teknologi Malaysia Bhd chairman Tan Sri Othman Mohd Rijal said.
This represented a pre-tax profit increase of RM10.1m or 169% for Bank Industri & Teknologi Malaysia Bhd and RM11.4m or 82% for Export-Import Bank of Malaysia Bhd (Exim Bank) over the previous period, he said.
Othman said the higher performance was the result of recovery of RM16m in bad debts by Bank Industri and RM25.4 m by Exim Bank, adding Bank Industri's non-performing loans (NPL) had been reduced to 13% from 15.5% last year.
As a result of improved performance, Exim Bank’s risk weighted capital ratio is expected to increase from 12.4% at 31 December 2002, to 15% at the end of 2003.
