Bumiputra-Commerce H1 Net Profit Up 97% to RM1.276 Billion

KUALA LUMPUR, Aug 24 (Bernama) -- Bumiputra-Commerce Holdings Bhd's (BCHB) net profit for first-half ended June 30, 2007 rose by 97 percent to RM1.276 billion from RM649 million in the corresponding period last year.Revenue and pre-tax profit were up by 80 percent and 90 percent respectively compared with the same period last year."The group's better performance was largely due to CIMB Group's investment banking and treasury divisions capitalising on strong capital markets in Malaysia and the rest of the region," managing director/chief executive officer, Datuk Nazir Razak, said at a press conference to announce its first-half results here today.He said on a quarter-to-quarter basis, BCHB group's revenue increased 17.7 percent to RM2.47 billion while net earning rose 7.3 percent to RM660 million due to higher overhead, loan provisions and taxation rate.Nazir said the group has also shown an improvement in asset quality indicators."Loan loss coverage ratio stood at 61 percent, up from 59 percent as at March 31, 2007 while net non-performing loan ratio was lower at 5.2 percent from 5.6 percent as at end of first quarter," he said.BCHB announced a special dividend of 25 sen per share and increased its annual dividend policy rate, excluding the special dividend, from 15 sen to 25 sen per share from 2007 onwards.