41. FINANCIAL RISK MANAGEMENT (CONTINUED) (b) Credit risk (continued) Credit quality of other financial assets excluding cash, short-term funds and deposits Credit quality of other financial assets by external rating is as follows: Group 2023 Stage 1 RM’000 Stage 2 RM’000 Stage 3 RM’000 Total RM’000 Financial assets at FVOCI Debt instrument Government bonds and GG 7,909,585 – – 7,909,585 Sukuk: Rated AAA 3,305,521 – – 3,305,521 Rated AA1 to AA3 1,104,404 71,713 – 1,176,117 Lower than A – 24,366 14,837 39,203 Gross carrying amount 12,319,510 96,079 14,837 12,430,426 Impairment allowances^ (228) (290) (14,836) (15,354) Derivative financial assets Bank and financial institution counterparties 61,265 Corporate 7,147 68,412 Financial assets at FVTPL Government bonds and GG 907,246 Sukuk: Rated AAA 79,026 Rated AA1 to AA3 165,068 Rated A1 to A3 23,828 Unrated 18,802 1,193,970 Financial assets at AC Government bonds and GG 2,654,858 – – 2,654,858 Sukuk: Rated AAA 465,372 – – 465,372 Net carrying amount 3,120,230 – – 3,120,230 Other financial assets at AC Other unrated financial assets 826,056 – 3,642 829,698 Impairment allowances – – (3,642) (3,642) Net carrying amount 826,056 – – 826,056 ^ The impairment allowances are recognised in OCI reserve. 366 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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