14. INVESTMENTS IN ASSOCIATE Group Bank 2024 RM’000 2023 RM’000 2024 RM’000 2023 RM’000 Balance as at the beginning of the financial year – – – – Reclassification from investment in subsidiaries 54,641 – 41,799 – Share of loss in associate (31) – – – Balance as at the end of the financial year 54,610 – 41,799 – The details of the associate are as follows: Name of Company Principal activities Effective ownership interest 2024 % 2023 % BIMB Shariah IncomePlus Fund (BSIF) Wholesale unit trust fund^ 32 75 ^ The Fund has been accounted for as an associate as the Group is deemed to have significant influence in accordance with MFRS 128, Investment in Associates and Joint Ventures. Summarised financial information of significant associate which is accounted for using the equity method is as follows: BSIF RM’000 Summarised Statement of Financial Position 2024 – Total assets 171,515 Total liabilities (80) Total equity 171,435 Summarised Statement of Comprehensive Income Net income 3,391 Operating expense (167) Profit before taxation/Net profit for the financial year 3,224 337 w w w . b a n k i s l a m. c o m 01 02 03 04 05 06 07 08 FINANCIAL STATEMENTS 09
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