driven, mainly, by higher net fund-based income during the year. Our Consumer Banking business continued to build on its core strengths, with our market share rising from 4.7% to 4.8%. Growth in our Consumer Banking financing portfolio was driven, mainly, by the rise in home financing and this trend is set to continue. Malaysia has a young, favourable demographic that supports continued household formation, which will underpin demand for our Islamic home financing products. Our strategy for Consumer Banking recognises that we need to continue diversifying our offerings to keep delivering growth. Among the key strategies that we implemented in 2021 was to expand our targeting of the nonMuslim market segment and actively work to grow our Green Financing portfolio. Competition for these markets remains intense and we implemented key measures to drive growth, including OUR PERFORMANCE I am pleased to share with you that BIMB delivered a commendable set of operational and f inancial results, despite the challenging operating environment and growing digital disruption in the banking landscape. Total revenue for the year stood at RM3,167.8 mi l l ion. This marked a decline of 5.2% from 2020, reflecting the subdued economic environment and the continued impact of low interest rates. For 2021, we achieved a Profit Before Tax and Zakat (PBZT) of RM704.2 million, which was 3.3% lower than the previous year. The decrease in PBZT during the year was mainly due to lower non-fund-based income, which was attributable to lower net gain from the sale of investment securities, and higher operating expenses. The higher operating expenses were inevitable as we increased our investment in technological inf rastructure for our digitalisation agenda. This was offset by a lower modification loss arising from the financing moratorium granted to customers. SEGMENTAL PERFORMANCE The impact of our transformation strategy was visible across all areas of our business segments during the year, as we continue to focus on capturing new markets, delivering a truly engaging customer experience and leveraging on technology to drive growth. Our Consumer Banking business grew strongly, despite the challenging environment . Consumer Banking remains our biggest earner and we have continued to innovate in this area, driving its continued growth. Net income for the segment rose by 13.4% to RM1.2 billion in 2021. The rise was simplifying our financing process by implementing the Consumer Financing Process Review. We also intensif ied digital isation for lead generation via digital platforms to deliver more convenient and personalised services to customers. Our Consumer Banking saw minimal demand for assistance under the Financial Management and Resilience Programme (“URUS”) programme during the year. As massive floods hit the country in late November 2021, BIMB responded by launching its Prihatin Programme for Flood and Disaster Relief Facility (“DRF”) to assist flood-affected individuals and business f inancing customers in need of help. In line with our values, we will continue to offer financial support to customers in need, as parts of society continue to feel the strain from the impact of COVID-19. Our Corporate and Commercial Banking business delivered a strong performance as our customer-centric approach, strong commercial relationships and focus on growth sectors allowed us to capitalise on improvements in the national economy. Net income for the year rose by 6.5% to RM415.6 million. Throughout the year, Commercial Banking acted decisively to support our existing customers affected by the pandemic, including through assistance in instalment deferment, as well as by the rescheduling and restructuring of facilities. These measures were in line with the f inancial assistance programmes introduced by the Government to support the national economy. The performance of our Commercial business was negatively impacted by the overhang in the property market in 2021. However, we continued to develop new opportunities in property f inancing by targeting growing sectors, such as affordable housing. We also expanded our Green SEGMENTAL NET INCOME CONSUMER BANKING: RM1.2 billion CORPORATE & COMMERCIAL RM415.6 million TREASURY RM241.4 million BANK I SLAM MALAYS IA BERHAD 16 MESSAGE FROM THE GROUP CHIEF EXECUTIVE OFFICER
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