MBSB posts H1 pre-tax profit of RM223m (1171)

MBSB Group achieved a pre-tax profit of RM223 million, an increase of 18 per cent for the six months period ended June
30, 2012, from RM197 million for the same period last year.

On
a quarterly basis, the group's pre-tax profit is recorded at RM123
million, up 11 per cent and 16 per cent from the first quarter 2012 and
second quarter 2011, respectively.

The improved financial
results were mainly due to the increase in net income from Islamic
banking operations principally contributed by the retail segment.

Meanwhile,
the strong results also improved the group's net assets per share to
RM1.02 end return on equity of 29 per cent as at June 30,2012 from
RM1.00 and 27 per cent as at March 31,2012, respectively.

"The
growth in revenue from the retail segment is mostly attributed to the
good response from customers towards MBSB's personal-financing-i
"transfer package" launched early of the year and extended in the
second quarter," said Datuk Ahmad Zaini Othman, said President and
Chief Executive Officer, in a statement today.

As at June
30,2012, net loan advances and financing stood at RM21.9 billion, an
increase of 44 per cent as compared to RM15.2 billion as at Dec 31,2011.

"The
group's non-performing loans ratio stood at 5.6 per cent as at June 30,
2012, from 8.5 per cent as at Dec 31, 2011," he said.

On
deposits from customers, Zaini said the deposits, which stood at RM17.9
billion as at June 30 this year, grew by 33 per cent from Dec 31, 2011,
of RM13.5 billion.

The company has announced a six per cent
interim dividend, less 25 per cent income tax or 4.5 sen net per
ordinary share. -- Bernama