MBSB 3Q net profit jumps 134% to RM95m

KUALA LUMPUR (Nov 1): Malaysia Building Society Bhd (MBSB) posted a 134% increase in its earnings to RM95.08 million for the third quarter ended Sept 30 from RM40.51 million a year ago.

In an announcement on Monday, it said revenue increased 72% to RM372.67 million from RM215.77 million and earnings per share was 10.88 sen compared with 5.79 sen.

"The strong earnings posted for 3Q11 were mainly due to the increase in retail assets with Personal Financing-i continuing to grow by about 98% in terms of gross loans," it said.

MBSB said it provided Personal Financing-i to government servants with attractive packages and was also boosted by the bundling of will writing and takaful products.

MBSB said for the nine-month period ended Sept 30, its earnings climbed 81.3% to RM241.6 million from RM133.21 million. Revenue hit RM1 billion, an increase of 78.7% from RM561.02 million.

MBSB said pre-tax profit grew 142% to RM327.06 million from RM134.96 million, which contributed to improved basic earnings per share of 27.65 sen and annualised return on equity of 45%. On a quarterly basis, the group recorded a net profit of RM95.1 million for 3Q11 compared with 2Q net profit of RM78.2 million.

Its net assets per share stood at 86 sen as at Sept 30. MBSB closed four sen higher on Monday to RM1.77.

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