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KUALA LUMPUR: Housing loan provider Malaysia Building Society Malaysia (MBSB) recorded a 644% increase in net profit to RM43.197 million in its 1Q ended March 31, 2010, compared with RM5.803 million in the same period last year.
Its pre-tax profit jumped 341% to RM43.179 million in the quarter under review compared with RM9.789 million in the same quarter last year.
For the first three months of 2010, net loan, advances and financing grew by 7.6%. The largest contributor for the quarter was from the personal financing sector.
“For the quarter under review, the group remained focus on providing personal financing to civil servants,” said MBSB’s chief executive officer, Datuk Ahmad Zaini Othman in a statement on May 27.
For 1Q2010, the group achieved earnings per share of 6.17 sen and annualised return on equity of 35%.
Zaini said deposits from customers grew by 11.9% in the 1Q2010 to reach RM8.5 billion as at March 31, 2010, from RM7.6 billion as at Dec 31, 2009.
The increased deposits provided the necessary funding to support the increased loan activities of the MBSB group.
“With the continued improvement in the economy and barring unforeseen circumstances, we expect the group to perform better than before and expect more things to come,” Zaini said.
