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Update MBSB sees 12% loan growth for 2014
by Cals Wed 29 Jan 2014, 14:17
| Update MBSB sees 12% loan growth for 2014 |
| Business & Markets 2014 |
| Written by Fatin Rasyiqah Mustaza of theedgemalaysia.com |
| Wednesday, 29 January 2014 12:48 |
KUALA LUMPUR (Jan 29): Malaysia Building Society Bhd (MBSB) is looking at an overall loan growth of 12% for 2014, driven by its retail and corporate businesses.
For the full year of 2013 (FY13), the group saw its net loan, advances and financing increase by 25% to RM30.3 billion from RM24.3 billion a year earlier.
Its president and CEO Datuk Ahmad Zaini Othman said MBSB had achieved impressive loan disbursement on the corporate business front with an increase of 30% from that achieved in 2012.
"These disbursements have largely been made to facilitate property development and private finance initiative project financing," he added.
Additionally, the group also saw its FY13 profit before tax (PBT) increase 42% to RM932.3 million from RM656.2 million in 2012.
"The strong results were mainly contributed by retail business although the portfolio segment registered slower growth," said Zaini.
The group will be introducing palm oil plantation financing in the second quarter of this year, which is expected to contribute to its corporate business revenue.
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