12. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (CONTINUED) The statement of profit or loss shows the following amounts relating to leases: Group Bank 2023 RM’000 2022 RM’000 2023 RM’000 2022 RM’000 Expenses relating to short-term leases (included in other overhead expenses) 35,506 34,863 35,267 34,518 Total cash outflow of leases (including short-term leases) 67,262 65,103 66,524 64,187 The nature of the Group’s and the Bank’s leasing activities recognised in the statement of financial position are described as below: Right-of-use assets No. of leases Range of remaining terms Average remaining lease terms No. of leases with termination option Buildings 8 1.0-12.4 years 8.8 years 8 Future minimum lease payments are as follows: Minimum lease payment due Within 1 year RM’000 1-5 years RM’000 > 5 years RM’000 Total RM’000 Group 31 December 2023 Lease payment 30,773 147,245 218,815 396,833 Finance cost 15,416 64,313 35,930 115,659 Net present value 15,357 82,932 182,885 281,174 31 December 2022 Lease payment 31,649 116,166 279,579 427,394 Finance cost 16,202 56,811 58,796 131,809 Net present value 15,447 59,355 220,783 295,585 Bank 31 December 2023 Lease payment 30,344 146,816 218,815 395,975 Finance cost 15,384 64,302 35,930 115,616 Net present value 14,960 82,514 182,885 280,359 31 December 2022 Lease payment 31,222 116,166 279,579 426,967 Finance cost 16,193 56,811 58,796 131,800 Net present value 15,029 59,355 220,783 295,167 314 Notes to the Financial Statements for the financial year ended 31 December 2023 Bank Islam Malaysia Berhad ◆ Integrated Annual Report 2023
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