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Wednesday, October 23, 2013

MBSB Q3 net profit jumps 47.4%

Source: http://www.thesundaily.my/news/862768

PETALING JAYA (Oct 23, 2013): Malaysia Building Society Bhd (MBSB) third quarter net profit jumped 47.4% on higher income from Islamic banking operations via personal financing and higher net interest income from conventional business.

The financier and hotel operator registered a net profit RM132.7 million for the quarter ended Sept 30, 2013 compared to RM90 million for the same quarter in 2012.

Revenue for the quarter was also higher by 23.7% to RM644 million, compared to RM520.7 million for the quarter in the year before.

MBSB, which has announced an interim dividend of 5% for the quarter, has surpassed its annualised group net return on equity and annualised group revenue growth target for 2013 at 34.1% and 32.2% respectively year-to-date. Its target was an annualised group net return on equity of 15% and annualised group revenue growth target of 25% for 2013.

In its announcement with Bursa Malaysia said the group has further strengthened its corporate business and other new business strategies in anticipation of the expected changes in the operating environment in order to maintain its competitiveness.

It continues to enhance its risk management framework to improve its operational workflows and quality of loans and financing assets.

"The group will continue to focus on fee-based income to enhance profitability and to improve its customer service level for a better customer experience. Barring any unforeseen circumstances, the group expects performance in 2013 to be satisfactory," it said in its announcement.

MBSB said while Bank Negara Malaysia's measures to further promote a sound and sustainable household sector had served to slow down personal financing and mortgage portfolios growth, for the 3rd quarter 2013, disbursements were led by the corporate portfolio.

Net profit for the nine-month period ended Sept 30, 2013 was 76.4% higher at RM464 million from RM263 million.
Revenue for the period was also 38.5% higher at RM1.8 billion from RM1.3 billion for the same period in 2012.

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