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Thursday, January 30, 2014

MBSB remains bullish, expects strong performance this year

Source: http://www.thestar.com.my/Business/Business-News/2014/01/30/MBSB-remains-bullish-It-expects-strong-performance-this-year-with-solid-personal-financing/

KUALA LUMPUR: Malaysia Building Society Bhd (MBSB), which achieved a 42% increase in pre-tax profit to RM932.3mil last year, the highest in the company’s history, expects to maintain its bullish performance this year.
Buoyed by its corporate and retail businesses, the group is optimistic of recording an estimated pre-tax profit of RM1bil for the financial year ending Dec 31, 2014 (FY14).
In announcing MBSB’s financial results, president and chief executive officer DatukAhmad Zaini Othman said group revenue rose to RM2.51bil in FY13 against RM1.83bil recorded in FY12.
MBSB declared a dividend of 10 sen per share for FY13, including an interim dividend of five sen per share declared in the fourth quarter.
As for MBSB’s outlook, he said personal financing would continue to be the main contributor to revenue in the retail segment.
MBSB expected loans growth to improve to 12% this year from 10% registered in 2012, he told a press conference yesterday.       
“We hope to sustain the momentum and meet the expectation of regulators, central bank, customers and shareholders,” said Ahmad Zaini.
The group also plans to expand its corporate business segment.       
“We are now intensifying our focus on corporate business financing and have outlined strategies to drive this segment forward,” he said, adding that MBSB planned to grow its corporate loans to 40% in two years from the current 20% by diversifying its product line.
Ahmad Zaini said MBSB would launch a oil palm plantation financing programme by the second quarter and was also targeting the property and oil and gas sectors in an effort to boost its corporate loan growth.
The financial services provider is in talks with clients in Sabah and Sarawak on the oil palm financing programme and expects to ink a deal by April.
As for the group’s net non-performing loans (NPLs), he said it continued to decrease from 4.5% in 2012, to 3.4% in 2013.       
“The declining trend in the group’s NPLs is the result of the company’s persistent efforts in reaching settlement agreements for the remaining legacy corporate accounts and was also a strong indication of prudent asset management,” he added. – Bernama
The group’s revenue rose to RM2.51 billion for the period under review from
RM1.83 billion recorded in 2012 while earnings per share jumped to 37.07 sen from 21.64 sen previously.
MBSB declared a total dividend of 10 sen per share for last year which included an interim dividend of five sen per share declared in the fourth quarter.
BERNAMA

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