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KUALA LUMPUR: Malaysia Building Society Bhd's (MBSB) pre-tax profit for the first quarter financial year ended March 31, 2013, rose to RM237.11 million from RM110.47 million in the same quarter last year.
Revenue increased to RM562.47 million from RM378.88 million previously.
In a statement on May 2, MBSB said the higher pre-tax profit is mainly due to a higher operating income, mainly contributed by its Islamic banking operation and lower impairment loss due to write back.
It said the increase was partially set off by higher operating expenses resulting from higher business volume.
Its President and Chief Executive Officer, Datuk Ahmad Zaini Othman, said the efforts undertaken to ensure improved asset quality have also borne fruit, while the group's net non-performing loans (NPL) stood at 3.4 per cent as at March 2013.
"The asset growth continued to be an upward trend, and as at March 2013, net loans, advances and financing stood at RM26.55 billion, an increase of 9.4 per cent when compared to RM24.27 billion as of Dec 31, 2012," he added.
He said it was mainly driven by the retail financing business that had also generated positive contribution to its fee-based income. "We remain on track to achieve our target for this financial year, barring
any unforeseen circumstances," Ahmad Zaini added. - Bernama
