By Andrew Batt:
Profit at the Malaysian Building Society Bhd (MBSB) rose 9 percent in Q3 to stand at RM263 million. Revenue also rose by 44 percent year-on-year to reach RM1.3 billion.
This significant increase is attributed to the strong growth in the Islamic banking operations across its retail segments. The largest contributor for the quarter was the Personal Financing-I (Islamic) packages that caters to the stable government market.
“The group’s non-performing loans (NPLs) stood at 4.33 percent as at 30 September as compared to 8.82 percent as at 31 December 2012, and the reason for this was the pursuit by MBSB to resolve its corporate legacy loans,” said Datuk Ahmad Zaini Othman, Chief Executive Officer and President of MBSB.
In Q3, net loans, advances and financing stood at RM23.2 billion, representing an increase of 52.6 percent from last year’s RM15.2 billion.
Personal financing led the company’s performance for Q3, while the growth of its mortgage lending segment moderated as compared to the previous quarter. Moreover, the company’s corporate loans segment saw higher disbursement rates.
“In addition to the securitisation of our loan assets, we are also looking at a structured capital management plan to strengthen the group’s capital structure to support loan assets’ growth while we believe a stronger structure will enable the group to provide competitive returns to its shareholders,” added Ahmad Zaini.
This significant increase is attributed to the strong growth in the Islamic banking operations across its retail segments. The largest contributor for the quarter was the Personal Financing-I (Islamic) packages that caters to the stable government market.
“The group’s non-performing loans (NPLs) stood at 4.33 percent as at 30 September as compared to 8.82 percent as at 31 December 2012, and the reason for this was the pursuit by MBSB to resolve its corporate legacy loans,” said Datuk Ahmad Zaini Othman, Chief Executive Officer and President of MBSB.
In Q3, net loans, advances and financing stood at RM23.2 billion, representing an increase of 52.6 percent from last year’s RM15.2 billion.
Personal financing led the company’s performance for Q3, while the growth of its mortgage lending segment moderated as compared to the previous quarter. Moreover, the company’s corporate loans segment saw higher disbursement rates.
“In addition to the securitisation of our loan assets, we are also looking at a structured capital management plan to strengthen the group’s capital structure to support loan assets’ growth while we believe a stronger structure will enable the group to provide competitive returns to its shareholders,” added Ahmad Zaini.
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