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NewsUpdate MBSB 2Q profit rises 76% to RM165m
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Update MBSB 2Q profit rises 76% to RM165m
by Cals Wed 31 Jul 2013, 14:58
Update MBSB 2Q profit rises 76% to RM165m
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Wednesday, 31 July 2013 14:37
KUALA LUMPUR (July 31): MALAYSIA BUILDING SOCIETY BHD [] (MBSB) posted a 76.35% year-on-year growth in net profit for its second quarter ended June 30, 2013 (2QFY13).
In a filing with Bursa Malaysia, the non-banking financial institution
attributed the net profit increase to higher income from Islamic banking operations, and lower allowance for bad loans.
MBSB said net profit for the quarter was RM165.16 million against the previous year’s RM93.65 million.
Revenue meanwhile came to RM614.3 million, a 38.21% growth from the previous corresponding period’s RM444.48 million in revenue.
On its cumulative first-half performance, MBSB said its net profit came to RM331.3 million. This was almost double the previous corresponding period’s RM173.07 million.
Its revenue of RM1.18 billion marked a 42.92% increase from the previous year’s RM823.36 million.
Going forward, MBSB said Bank Negara Malaysia’s measures to further promote sustainable household debt will increase competition among lenders.
MBSB said it has undertaken new strategies in anticipation of changes in the operating environment to maintain the company's competitiveness.
“Barring any unforeseen circumstances, the group expects performance in 2013 to be satisfactory,” MBSB said.
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Wednesday, 31 July 2013 14:37
KUALA LUMPUR (July 31): MALAYSIA BUILDING SOCIETY BHD [] (MBSB) posted a 76.35% year-on-year growth in net profit for its second quarter ended June 30, 2013 (2QFY13).
In a filing with Bursa Malaysia, the non-banking financial institution
attributed the net profit increase to higher income from Islamic banking operations, and lower allowance for bad loans.
MBSB said net profit for the quarter was RM165.16 million against the previous year’s RM93.65 million.
Revenue meanwhile came to RM614.3 million, a 38.21% growth from the previous corresponding period’s RM444.48 million in revenue.
On its cumulative first-half performance, MBSB said its net profit came to RM331.3 million. This was almost double the previous corresponding period’s RM173.07 million.
Its revenue of RM1.18 billion marked a 42.92% increase from the previous year’s RM823.36 million.
Going forward, MBSB said Bank Negara Malaysia’s measures to further promote sustainable household debt will increase competition among lenders.
MBSB said it has undertaken new strategies in anticipation of changes in the operating environment to maintain the company's competitiveness.
“Barring any unforeseen circumstances, the group expects performance in 2013 to be satisfactory,” MBSB said.
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