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

  • DAP to decide next week who will run in Bukit Gelugor by-election
    DAP to decide next week who will run in Bukit Gelugor by-election

    The DAP central executive committee will discuss candidature of the Bukit Gelugor parliamentary seat for the upcoming by-election when it meets next Monday. Its secretary-general Lim Guan Eng said party leaders have, in the meantime, been told to refrain from making any announcement on the by-election to avoid distortion by mainstream media.... …

  • Don’t forget Pakatan’s common agenda, DAP reminds PAS as hudud row escalates
    Don’t forget Pakatan’s common agenda, DAP reminds PAS as hudud row escalates

    DAP will not bow to threats and will continue to resist the implementation of hudud as it is clearly unconstitutional, a party lawmaker said today. Puchong MP Gobind Singh Deo (pic) said the party's stand on the Islamic penal law would not waver, especially as it was against the Pakatan Rakyat agenda. Gobind's father, the late Bukit Gelugor... …

  • Jalan Bukit Bintang stretch closed to traffic from today
    Jalan Bukit Bintang stretch closed to traffic from today

    The 500m stretch of Jalan Bukit Bintang between Chulan Square and Menara Worldwide will be closed to all traffic beginning today. Mass Rapid Transit Corporation Sdn Bhd (MRT Corp), in a statement today, said the closure was because of road rectification works following the detection of a depression beneath the pedestrian walkway in Jalan Bukit... …

  • KLIA2 found up to the mark, says Hisham

    The International Civil Aviation Organisation (ICAO) has found the Kuala Lumpur International Airport 2 (KLIA2) to be safe and that it meets international standards, says Acting Transport Minister Hishammuddin Hussein.   He said ICAO had prepared a preliminary technical audit report on April 18 and it had been tabled to the cabinet yesterday.   "I think we are on track and it makes me proud to say that what we have promised the public - that KLIA2 will open as scheduled - will happen," he said …

  • Dropping Tony Pua from forum will cost BN youth support, says former MCA veep
    Dropping Tony Pua from forum will cost BN youth support, says former MCA veep

    A former MCA vice-president has spoken out against the move by the Malaysia Summit Australia (MASA) Conference to drop opposition lawmaker Tony Pua from the forum, saying that it would cost Barisan Nasional crucial support from youths. In a series of tweets, Gan Ping Sieu (pic) said barring opposition leaders from the Pakatan Rakyat pact would... …

  • Search for MH370 looks set for next phase, says report
    Search for MH370 looks set for next phase, says report

    After almost seven fruitless week of searching for Malaysia Airlines flight MH370, international agencies involved in the hunt are negotiating how to manage the next phase of the operation, The Wall Street Journal (WSJ) said in a report. Malaysian and Australian officials are said to be hammering out a new agreement that will set out critical... …

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.

  • MH370 passenger’s partner tells of strange email from sacked Fox officer The Malaysian Insider
    MH370 passenger’s partner tells of strange email from sacked Fox officer

    The partner of an American passenger aboard the missing Malaysia Airlines flight MH370 has spoken about how a Fox executive who was recently sacked by the news station had contacted her offering to raise funds on her behalf. Sarah Bajc, whose partner Philip Wood is among the 239 people on board the missing plane, told the Sydney Morning Herald... …

  • My last moments with Pa: Ramkarpal Singh The Malaysian Insider
    My last moments with Pa: Ramkarpal Singh

    A week after the tragic crash that took the lives of veteran lawyer and politician Karpal Singh and his personal aide, Michael Cornelius, his son Ramkarpal recounts the final hours with his father that fateful day. This is his story, as told to V. Anbalagan, assistant news editor. “My parents (Karpal and Gurmit) had gone to Pantai Hospital... …

  • Absolute power corrupts absolutely, Dr Mahathir reminds current leaders The Malaysian Insider
    Absolute power corrupts absolutely, Dr Mahathir reminds current leaders

    Malaysian leaders have been reminded not to look down on the public’s capability to topple a corrupt government as what had happened in the Middle East during the Arab spring, warned Tun Dr Mahathir Mohamad (pic). In his latest blog posting today, the country’s longest serving prime minister said that monarchs and dictators in the Middle East... …