PETALING JAYA: Financial institution Malaysia Building Society Bhd (MBSB)made a net profit of RM166.14mil or 13.08 sen per share in the first quarter ended March 31 compared with RM79.41mil or 6.53 sen per share a year ago, underpinned by its Islamic banking operations and lower impairment losses.
The increase was partially set off by higher operating expenses resulting from improved business volume.
MBSB's pre-tax profit surged 114.6% to RM237.11mil from RM110.47mil while revenue rose 48.4% to RM562.47mil from RM378.88mil.
In a statement, president and chief executive officer Datuk Ahmad Zaini Othman said despite the challenging environment in the retail market, the firm maintained its capability to sustain business growth that had resulted in enhanced revenue and profit levels.
The efforts undertaken to ensure improved asset quality have also borne fruit, with the group's net non-performing loan standing at 3.4% as at March.
(The Star Online / 04 May 2013)
Alfalah Consulting - Kuala Lumpur: www.alfalahconsulting.com
Islamic Investment Malaysia: www.islamic-invest-malaysia.com