February 26, 2014 / 2:26 AM / 5 years ago

Malaysia's BIMB profit up 16 pct in 2013 on bank, insurance growth

KUALA LUMPUR, Feb 26 (Reuters) - Malaysian investment holding company BIMB Holdings Bhd said its earnings jumped 16 percent last year, boosted by improved profits at key bank and insurance companies in its portfolio.

BIMB’s operating profit for the year ended Dec. 31, 2013 rose to 833.1 million ringgit ($254 million) from 717.4 million ringgit a year earlier, it said in a stock exchange filing on Wednesday. Revenue rose 12 percent to 2.8 billion ringgit.

The company is in the process of becoming the sole owner of Bank Islam, Malaysia’s oldest and largest standalone sharia bank . It is also the top shareholder in Syarikat Takaful Malaysia Bhd, the region’s largest Islamic insurance firm.

BIMB said it expects organic growth and good-quality assets to help its banking operations continue to “perform favorably”, despite measures introduced by Malaysia’s central bank to curb household landing. ($1 = 3.2815 Malaysian ringgit)

Reporting By Al-Zaquan Amer Hamzah; Editing by Kenneth Maxwell

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