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Friday, May 16, 2014

MBSB net profit up 18% to RM197mil


PETALING JAYA: Malaysia Building Society Bhd’s (MBSB) net profit in its first quarter ended March 31, rose 18.4% year-on-year (y-o-y) to RM196.73mil boosted by higher profit and interest income from personal financing and corporate loans.
The non-bank lender saw its y-o-y topline rising in a similar quantum to RM667.11mil.
“This contributed to net earnings per share of 8.37 sen and an annualised return on equity of 26.2% based on an enlarged shareholders’ equity after completion of the RM1.4bil rights issue in January 2014,” the company said in a statement.
MBSB president and chief executive officer Datuk Ahmad Zaini Othman noted that its corporate segment showed positive growth during the first quarter 2014.
“Overall, the asset growth as at March 2014, net loan, advances and financing stood at RM30.4bil, an increase of 14.6% as compared with RM26.6bil as at 31 March 2013,” he said.
Deposits continued to support the loan growth with total deposits from corporate and retail clients stood at RM29.1bil as at March 31, that is an increase of 17.1% from the previous year.
MBSB said that this development was supported by a strong growth in corporate deposits and a strong client retention strategy.

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