Bank Islam Integrated Annual Report 2020

The Directors have pleasure in submitting their report and the audited financial statements of the Group and of the Bank for the financial year ended 31 December 2020. PRINCIPAL ACTIVITIES The Bank is principally engaged in Islamic banking business and the provision of related services. The principal activities of the subsidiaries are as stated in Note 13 to the financial statements. There has been no significant change in the nature of these activities during the financial year. Significant events during the financial year and subsequent events to the balance sheet date are disclosed in Note 46 and Note 47 to the financial statements respectively. IMMEDIATE AND ULTIMATE HOLDING COMPANY/ENTITY The Directors regard BIMB Holdings Berhad, a company incorporated in Malaysia and Lembaga Tabung Haji (“LTH”), a hajj pilgrims’ funds board established in Malaysia as the immediate holding company and ultimate holding entity respectively during the financial year and until the date of this report. SUBSIDIARIES The details of the Bank’s subsidiaries are disclosed in Note 13 to the financial statements. RESULTS Group RM’000 Bank RM’000 Profit before zakat and tax 728,213 726,836 Zakat and tax expense (163,259) (163,123) Profit for the year 564,954 563,713 RESERVES AND PROVISIONS There were no material transfers to or from reserves or provisions during the financial year under review except as disclosed in the financial statements. BANK ISLAM MALAYS IA BERHAD INTEGRATED ANNUAL REPORT 2020 173 DIRECTORS’ REPORT for the financial year ended 31 December 2020