KENANGA INVESTMENT BANK BERHAD INTEGRATED ANNUAL REPORT 2024 WE ARE KENANGA OUR SUSTAINABILITY APPROACH LEADERSHIP STATEMENT HOW WE ARE GOVERNED SHAREHOLDERS’ INFORMATION NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 FINANCIAL STATEMENTS ADDITIONAL INFORMATION OUR VALUE CREATION APPROACH 269 268 40. DIRECTORS’ REMUNERATION (CONT’D.) The total remuneration (including benefits-in-kind) of the Directors of the Bank are as follows: Remuneration received from the Group Fees RM’000 Other emolument RM’000 Benefits- in-kind RM’000 Total RM’000 31 December 2024 Non-Executive Directors: Tan Sri Dato’ Seri Syed Zainol Anwar Ibni Syed Putra Jamalullail 520 26 31 577 Ismail Harith Merican 300 34 - 334 Luk Wai Hong, William 454 98 - 552 Jeremy Bin Nasrulhaq 390 66 - 456 Norazian Binti Ahmad Tajuddin 520 118 - 638 Kanagaraj Lorenz 370 66 - 436 Choy Khai Choon 450 82 - 532 Chin Siew Siew 358 60 - 418 Angeline-Ong Su Ming 168 20 - 188 Total Directors’ remuneration 3,530 570 31 4,131 31 December 2023 Non-Executive Directors: Tan Sri Dato’ Seri Syed Zainol Anwar Ibni Syed Putra Jamalullail 520 22 68 610 Ismail Harith Merican 300 40 - 340 Luk Wai Hong, William 454 94 - 548 Jeremy Bin Nasrulhaq 390 72 - 462 Norazian Binti Ahmad Tajuddin 530 120 - 650 Kanagaraj Lorenz 370 66 - 436 Choy Khai Choon 428 82 - 510 Chin Siew Siew 370 72 - 442 Total Directors’ remuneration 3,362 568 68 3,998 41. TAXATION AND ZAKAT Group Bank 2024 RM’000 2023 RM’000 2024 RM’000 2023 RM’000 Current income tax: Tax expense for the financial year 31,409 15,931 16,454 - (Over)/under provision in prior years (3,590) 1,958 - (209) 27,819 17,889 16,454 (209) 41. TAXATION AND ZAKAT (CONT’D.) Group Bank 2024 RM’000 2023 RM’000 2024 RM’000 2023 RM’000 Deferred tax (Note 19): Relating to origination and reversal of temporary differences (5,744) 3,237 (2,872) 4,960 Under provision of deferred tax assets in prior years (1,198) (6,194) (975) (1,394) (6,942) (2,957) (3,847) 3,566 Zakat 617 427 617 427 Total income tax expense 21,494 15,359 13,224 3,784 Domestic income tax is calculated at the statutory tax rate of 24% (2023: 24%) on the estimated chargeable profit for the financial year. A reconciliation of taxation applicable to profit before taxation at the statutory income tax rate to taxation at the effective tax rate of the Group and of the Bank is as follows: Group Bank 2024 RM’000 2023 RM’000 2024 RM’000 2023 RM’000 Profit before taxation and zakat 117,249 88,110 85,212 58,696 Taxation at Malaysian statutory income tax rate of 24% (2023: 24%) 28,140 21,146 20,451 14,087 Effect of income not subject to tax (11,534) (8,942) (10,058) (13,298) Effect of expenses not deductible for tax purposes 8,129 7,651 3,189 4,171 Utilisation of previously unrecognised/(recognised) tax loss and unabsorbed capital allowances - (219) - - Deferred tax asset not recognised/(recognised) on unutilised business losses and unabsorbed capital allowances 930 (468) - - Under provision of deferred tax assets in prior years (1,198) (6,194) (975) (1,394) (Over)/under provision of income tax expense in prior years (3,590) 1,958 - (209) Tax expense for the year 20,877 14,932 12,607 3,357 Zakat 617 427 617 427 Tax expense and zakat for the financial year 21,494 15,359 13,224 3,784
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