KUALA LUMPUR: MALAYSIA BUILDING SOCIETY BHD [] (MBSB) posted a strong set of earnings in its financial year ended Dec 31, 2010, with net profit surging 155% to RM146.02 million from RM57.20 million a year ago as it staged a turnaround as it focused on retail products.
MBSB said on Monday, Feb 14 revenue rose 43% to RM769.94 million in FY10 from RM537.96 million in FY09.
For the fourth quarter ended Dec 31, 2010, it recorded net profit of RM12.81 million, a contrast from the net loss of RM9.71 million a year ago. Its revenue climbed 31.5% to RM208.91 million from RM158.79 million. Earnings per share were 1.83 sen compared with loss per share of 1.39 sen.
The board of directors has recommended a first and final dividend of 9% less 25% income tax (6.75 sen net per ordinary share). Based on the paid-up at Dec 31, 2010 of 700.29 million shares, the net dividend payable would amount to RM47.270 million.
MBSB chief executive officer Datuk Ahmad Zaini Othman said the improvement in FY10 was in line with current business strategies on retail products.
As at Dec 31, 2010, net loan, advances and financing stood at RM10.7 billion, an increase of 32% as compared to RM8.1 billion as at Dec 31, 2009.
MBSB's key retail financial product, the Personal Financing-i (PF-i) continued to be a major contributor to the company's loan asset growth.
The factors for the strong performance of the PF-i were the effective marketing campaigns being held and attractive rates and packaging offered.
'Our focus on expansion of the personal financing sector has resulted in an impressive growth. Providing funding to the civil servants at reasonable costs would remain part of our business strategies,' said Zaini.
He added MBSB made inroads into to certain market segments especially for
mortgage where it began to target the high net worth clientele.
For contract financing, its corporate business product that was introduced late 2009, MBSB was able to secure financing for government contracts and those in the oil and gas sector.
Zaini said deposits grew by 39%'' from RM10.5 billion at end-2009 to RM7.6 billion at end-2010.
'To drive our loan expansion, we had in 2010, securitised about RM1 billion of mortgage loan assets,' he said.
MBSB said on Monday, Feb 14 revenue rose 43% to RM769.94 million in FY10 from RM537.96 million in FY09.
For the fourth quarter ended Dec 31, 2010, it recorded net profit of RM12.81 million, a contrast from the net loss of RM9.71 million a year ago. Its revenue climbed 31.5% to RM208.91 million from RM158.79 million. Earnings per share were 1.83 sen compared with loss per share of 1.39 sen.
The board of directors has recommended a first and final dividend of 9% less 25% income tax (6.75 sen net per ordinary share). Based on the paid-up at Dec 31, 2010 of 700.29 million shares, the net dividend payable would amount to RM47.270 million.
MBSB chief executive officer Datuk Ahmad Zaini Othman said the improvement in FY10 was in line with current business strategies on retail products.
As at Dec 31, 2010, net loan, advances and financing stood at RM10.7 billion, an increase of 32% as compared to RM8.1 billion as at Dec 31, 2009.
MBSB's key retail financial product, the Personal Financing-i (PF-i) continued to be a major contributor to the company's loan asset growth.
The factors for the strong performance of the PF-i were the effective marketing campaigns being held and attractive rates and packaging offered.
'Our focus on expansion of the personal financing sector has resulted in an impressive growth. Providing funding to the civil servants at reasonable costs would remain part of our business strategies,' said Zaini.
He added MBSB made inroads into to certain market segments especially for
mortgage where it began to target the high net worth clientele.
For contract financing, its corporate business product that was introduced late 2009, MBSB was able to secure financing for government contracts and those in the oil and gas sector.
Zaini said deposits grew by 39%'' from RM10.5 billion at end-2009 to RM7.6 billion at end-2010.
'To drive our loan expansion, we had in 2010, securitised about RM1 billion of mortgage loan assets,' he said.
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