KUALA LUMPUR: MALAYSIA BUILDING SOCIETY BHD [] (MBSB) posted net profit of RM68.28 million in the first quarter ended March 31, 2011 compared with RM43.19 million a year ago.
It said on Wednesday, May 11 that revenue was RM311.63 million compared with RM169.12 million.
'For the three months ended March 31, 2011, MBSB group achieved a pre-tax profit of RM91.0 million, an increase of 111% as compared to the pre-tax profit of RM43.2 million for the corresponding period in 2010.'' This contributed to improved net earnings per share of 9.75 sen and annualised return on equity of 66%,' it said.
On quarterly basis, MBSB recorded a pre-tax profit of RM91.0 million for 1QFY11 compared to 4QFY10 pre-tax profit of RM72.4 million.
'The higher pre-tax profit is mainly due to higher income from Islamic banking operations in the current quarter,' said its chief executive officer Datuk Ahmad Zaini Othman.
'The strong earnings are the result of the company's continued efforts in executing its Business Plan, to increase its loans in the retail segment. This customer segment includes government servants who continue to benefit from very affordable financing and attractive packages offered,' he said.
As at March 31, 2011, net loan, advances and financing stood at RM12.1 billion, up 13% from RM10.7 billion as at Dec 31, 2010.
It said on Wednesday, May 11 that revenue was RM311.63 million compared with RM169.12 million.
'For the three months ended March 31, 2011, MBSB group achieved a pre-tax profit of RM91.0 million, an increase of 111% as compared to the pre-tax profit of RM43.2 million for the corresponding period in 2010.'' This contributed to improved net earnings per share of 9.75 sen and annualised return on equity of 66%,' it said.
On quarterly basis, MBSB recorded a pre-tax profit of RM91.0 million for 1QFY11 compared to 4QFY10 pre-tax profit of RM72.4 million.
'The higher pre-tax profit is mainly due to higher income from Islamic banking operations in the current quarter,' said its chief executive officer Datuk Ahmad Zaini Othman.
'The strong earnings are the result of the company's continued efforts in executing its Business Plan, to increase its loans in the retail segment. This customer segment includes government servants who continue to benefit from very affordable financing and attractive packages offered,' he said.
As at March 31, 2011, net loan, advances and financing stood at RM12.1 billion, up 13% from RM10.7 billion as at Dec 31, 2010.
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