MBSB 4Q earnings soar to RM83.8m on Islamic banking, lower tax

  • We will oppose hudud as it is not part of Pakatan agreement, says Guan Eng
    We will oppose hudud as it is not part of Pakatan agreement, says Guan Eng

    DAP has put its foot down against PAS's plan to table a private motion on hudud in Parliament, saying that Pakatan Rakyat's (PR) common policy platform and general election manifesto does not include the formation of an Islamic state. In stressing that the coalition's policy has not changed, DAP secretary-general Lim Guan Eng said this was... …

  • Keep it legal, cops warn anti-GST rally organisers
    Keep it legal, cops warn anti-GST rally organisers

    UALA LUMPUR, April 21 — Organisers of the upcoming May Day rally were reminded by the police today to obtain the necessary approvals before staging their protest against the implementation of the... …

  • Malay language can be exported through speech competition, says Rosmah –  Bernama
    Malay language can be exported through speech competition, says Rosmah –  Bernama

    The Prime Minister's Cup Malay Language International Speech Competition (PABM) can help export and expand the language, said the Prime Minister's wife Datin Seri Rosmah Mansor (pic). She said PABM could also be a potent vehicle to strengthen the Malay Language in the international arena. Speaking at a ceremony for PABM participants 2014... …

  • Screen drivers to prevent crashes, SPAD tells bus operators
    Screen drivers to prevent crashes, SPAD tells bus operators

    SEPANG, April 21 — Bus companies must screen their drivers before they set off on journeys ferrying passengers, Land Public Transport Commission (SPAD) chairman Tan Sri Syed Hamid Albar said today... …

  • RM100m ‘R&D’ grant for commercial ops questionable, PKR MP argues
    RM100m ‘R&D’ grant for commercial ops questionable, PKR MP argues

    PETALING JAYA, April 21 — A non-repayable RM100 million “research and development” grant for a firm’s commercial project today came under fire from an opposition lawmaker alleging abuse of... …

  • PKR questions if Najib interfered in RM100 million grant to company
    PKR questions if Najib interfered in RM100 million grant to company

    PKR has today questioned Prime Minister Datuk Seri Najib Razak's alleged interference in the approval of a RM100 million research and development (R&D) grant to a company for a commercial project. PKR strategic director Rafizi Ramli (pic) said Putrajaya had approved the grant application by NSE Resources Corporation (M) Sdn Bhd through a... …

KUALA LUMPUR (Feb 2): Malaysia Building Society Bhd (MBSB) posted a stellar set of earnings in the fourth quarter ended Dec 31, 2011, with net profit up 554% to RM83.82 million from RM12.81 million a year ago.

Its earnings were boosted mainly by higher net income from Islamic banking operations via the expansion of personal financing and also lower taxation. Net income from Islamic banking operations was RM113.17 million compared with RM52.92 million a year ago.

However, MBSB accorded higher allowance for impairment losses on loans, advances and financing at RM46.82 million compared with RM8.64 million a year ago.

Profit before taxation and zakat was RM101.19 million compared with RM72.43 million. Its taxation was RM17.37 million compared with RM59.62 million a year ago.

Revenue rose 66.1% to RM347.14 million from RM208.91 million while earnings per share were 8.35 sen compared with 1.83 sen. The board recommended a final dividend of 7% less income tax (5.25 sen net per ordinary share) for FY ended Dec 31, 2011.

For FY ended Dec 31, 2011, its earnings jumped 122.8% to RM325.43 million from RM146.02 million in FY10. Its revenue rose 64.8% to RM1.269 billion from RM769.94 million.

At the pre-tax level, MBSB made a record pre-tax profit of RM428.3 million, up 107% from  RM207.4 million a year ago. This contributed to improved basic net earnings per share of 32.43 sen and return on equity of 43%.

MBSB chief executive officer Datuk Ahmad Zaini Othman said: “Our group’s improved performance for the 12 months of 2011 is the result of the company’s persistent efforts to grow its retail business in the face of stiff market competition.”

He said continuous operational improvements as targeted under the transformation program, “Taking MBSB to the Next Level”, also contributed to the exceptional results.

“While the asset growth is largely driven by Personal Financing-i, our strategy to diversify asset portfolio beginning early last year has also shown remarkable progress,” he said.

As at Dec 31, 2011, net loan, advances and financing stood at RM15.2 billion, an increase of 42% as compared to RM10.7 billion as at Dec 31, 2010 which exceeded the banking industry’s average growth rate of 13.6%.

Follow @YahooMalaysia on LINE for daily news updates.

Comments on Yahoo pages are subject to our link to Comments Guidelines. You are responsible for any content that you post. Yahoo is not responsible or liable in any way for comments posted by its users. Yahoo does not in any way endorse or support comments made by its users.

  • Education Backgrounds OF Those Who Have Been Devising The Education Policies Of Malaysia Easyuni.com
    Education Backgrounds OF Those Who Have Been Devising The Education Policies Of Malaysia

    Malaysia gained its independence in the year 1957 and since its early days laid stress on improving the quality of education at all levels. Throughout its five year plans, education has been an important development objective. Right in the first development plan itself the direct relationship between the rate of economic and social advancement on […] …

  • In funeral procession, thousands chant ‘Karpal Singh! Karpal Singh! Karpal Singh’ (VIDEO) The Malay Mail Online
    In funeral procession, thousands chant ‘Karpal Singh! Karpal Singh! Karpal Singh’ (VIDEO)

    GEORGE TOWN, April 20 — The streets of Penang’s historical city centre roared with the voices of thousands calling out the name of their state’s beloved son — Karpal Singh.  Elbows jostled with... …

  • Raja Bomoh spouting mumbo-jumbo again The Malaysian Insider
    Raja Bomoh spouting mumbo-jumbo again

    Bomoh (shaman) Ibrahim Mat Zin (pic, third left) is in the headlines for the wrong reasons again, this time for conducting a cleansing ritual along KM306.1 of the North-South Expressway. The area has been in the spotlight since last Thursday after Bukit Gelugor MP Karpal Singh died when his Toyota Alphard was involved in a collision with a... …