Newsroom
Kuala Lumpur: Tan Sri Abdul Halim Ali, the Chairman of MBSB presented the performance of MBSB Group to shareholders at MBSB's 38th Annual General Meeting held at Bangunan Yayasan Tun Razak, today.
Tan Sri Abdul Halim announced that MBSB registered an encouraging performance in 2007. Its net profit increased to RM 53.3 million for the year ended 31 December 2007. He attributed the improvement in the net profit was due to the increased in the net interest income resulting from the growth of loan assets and reduction in funding cost, deposit taking activities and also from recoveries.
Reported an unaudited profit before tax of RM 53,218 million in the fourth quarter ended 31 December 2007, an increase of 32.4% as compared to 2006.
The Chief Executive Officer, Ahmad Farid Omar said, "The earning growth was driven by strong operating revenue. It is also contributed through our Islamic banking operations which registered steady growth of 40% compared to 2006."
Being part of GLCs MBSB have been committed in its Headline KPIs and has surpassed al the three (3) Headlines KPIs i.e. Return of Equity, Revenue Growth and Retail Loan Growth.
For Return of Equity target Headline KPI was 7% and the group achievement is 10.55% with 3.55% positive variance. In the Revenue Growth segment the KPI set for 2007 was 15% and the achievement is 22.44%, a positive variance of 7.44%. In Retail Loan Growth segment Headline KPI set is 25% and the group achievement is 26.75%, a positive variance of 1.75%.
MBSB is upbeat with the healthy economic growth in 2008. The growth will continue be driven by domestic sources.
Ahmad Farid added that moving forward MBSB has opened three branches in the first quarter of 2008 in Taiping, Kangar and Sandakan. In the pipeline seven(7) more branches will be opened this year, a total of ten(10) branches for year 2008 and our delivery channel will reach up to 35 branches by year end 2008. MBSB is very positive that with these expansion plan, it will contribute towards increasing its revenue.
Apart from its core business in property financing, MBSB is also going strong in the Personal Financing segment and corporate loan emphasizing on small scale development. In addition, MBSB continuously developing new Islamic products as well as collaborating with strategic alliances.
MBSB is also seriously looking into series of transformation initiatives as being part of GLCs.
Kuala Lumpur, Monday 17 March 2008, MBSB reported an unaudited profit before tax of RM 53,218 million in the fourth quarter ended 31 December 2007, an increase of 32.4% as compared to 2006.
The Chief Executive Officer, Ahmad Farid Omar said, "The earning growth was driven by strong operating revenue. It is also contributed through our Islamic banking operations which registered steady growth of 40% compared to 2006."
Being part of GLCs MBSB have been committed in its Headline KPIs and has surpassed al the three (3) Headlines KPIs i.e. Return of Equity, Revenue Growth and Retail Loan Growth.
For Return of Equity target Headline KPI was 7% and the group achievement is 10.55% with 3.55% positive variance. In the Revenue Growth segment the KPI set for 2007 was 15% and the achievement is 22.44%, a positive variance of 7.44%. In Retail Loan Growth segment Headline KPI set is 25% and the group achievement is 26.75%, a positive variance of 1.75%.
MBSB is upbeat with the healthy economic growth in 2008. The growth will continue be driven by domestic sources.
Ahmad Farid added that moving forward MBSB has opened three branches in the first quarter of 2008 in Taiping, Kangar and Sandakan. In the pipeline seven(7) more branches will be opened this year, a total of ten(10) branches for year 2008 and our delivery channel will reach up to 35 branches by year end 2008. MBSB is very positive that with these expansion plan, it will contribute towards increasing its revenue.
Apart from its core business in property financing, MBSB is also going strong in the Personal Financing segment and corporate loan emphasizing on small scale development. In addition, MBSB continuously developing new Islamic products as well as collaborating with strategic alliances.
MBSB is also seriously looking into series of transformation initiatives as being part of GLCs.
