Monday, October 31, 2011

MBSB 3Q net profit jumps 134% to RM95m

KUALA LUMPUR (Oct 31): MALAYSIA BUILDING SOCIETY BHD [] (MBSB) posted a 134% increase in its earnings to RM95.08 million for the third quarter ended Sept 30, 2011 from RM40.51 million a year ago.

It said on Monday, revenue increased by 72% to RM372.67 million from RM215.77 million while earnings per share were 10.88 sen compared with 5.79 sen.

“The strong earnings posted for 3rd quarter 2011 was mainly due to the increase in retail assets with Personal Financing-i continue to grow by about 98% in terms of gross loans,” it said.

MBSB said it provided Personal Financing-i to the Government servant market with attractive packages and also boosted by the bundling of will writing and takaful products.

“This product bundling has helped to build the fee-based income. MBSB also made headway into the high net worth segment for its home mortgage product, Mortgage Ultimate, which was, launched late 2010,” it said.

MBSB said for the nine-month period ended Sept 30, MBSB’s earnings climbed 81.3% to RM241.60 million from RM133.21 million. Revenue hit RM1 billion, an increase of 78.7% from RM561.02 million.

MBSB said pre-tax profit grew by 142% to RM327.06 million from RM134.96 million, which contributed to improved basic earnings per share of 27.65 sen and annualised return on equity of 45%.

On quarterly basis, the group recorded a net profit of RM95.1 million for 3Q 2011 from 2Q’s net profit of RM78.2 million.

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