PROPERTY NEWS: Islamic banking drives MBSB 1H profits
PROFITABLE: Malaysian Building Society Berhad (MBSB) posted strong growth with a pre-tax profit of RM233 million, an increase of 18 per cent or RM36 million from RM197 million for the same period last year. The improved financial results were mainly due to the increase in net income from Islamic banking operations especially in the retail segment. “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 this year and extended into the second quarter which enabled customers to refinance their borrowings with our lower costs of personal financing-i and at a 100 percent disbursement payout,” said Datuk Ahmad Zaini Othman, MBSB’s President and Chief Executive Officer recently.
On a quarterly basis, the Group recorded a pre-tax profit of RM123 million which is an increase of 11 per cent and 16 per cent from the first quarter 2012 and second quarter 2011 respectively. “The deposits which stood at RM17.9 billion as at 30 June 2012 grew by 33 per cent from 31 December 2011 of RM13.5 billion,” added Datuk Ahmad Zaini. The company has announced an interim dividend of 6 per cent less 25 per cent income tax or 4.5 sen net per ordinary share.