KUALA LUMPUR: Malaysian Building Society Bhd's (MBSB) earnings rose 76.3% to RM165.15mil in the second quarter ended June 30, 2013 from RM93.65mil a year ago, mainly due to the increase in net income from Islamic banking operations.
It said on Wednesday the strong results also saw the group's net return on equity improve to 38.0% as at June 30, 2013 from 37.6% as at March 31, 2013 respectively.
MBSB's revenue increased by 38.2% to RM614.29mil from RM444.47mil a year ago. Earnings per share were 9.78 sen from 7.70 sen.
For the six months period ended June 30, MBSB group achieved a pre-tax profit of RM484.7mil, up 107.9% or RM251.6mil from RM233.1mil in the previous corresponding period.
Its earnings rose 91.4% to RM331.29mil from RM173.07mil. Revenue rose to RM1.176bil from RM823.35mil.
"On a quarterly basis, the group's pre-tax profit is recorded at RM247.6mil which is an increase of 4.4% and 101.9% from the first quarter 2013 and second quarter 2012 respectively. The improved financial results were mainly due to the increase in net income from Islamic banking operations," it said.
MBSB president and CEO Datuk Ahmad Zaini Othman said: "The improved financial results were contributed by retail business. Nevertheless, our corporate business lending activities have also shown marked improvements with disbursements for the first six months of this year increased by 42.1% as compared to the same period in 2012".
"We continue to improve on collections and recovery for both retail and corporate loans and have recently revised our strategies to target specific groups of assets."
The group's net NPL ratio stood at 3.2% as at 30 June 2013 from 4.5% as at Dec 31, 2012.
As at June 30, 2013, net loan, advances and financing stood at RM29.2bil, an increase of 20.2% as compared to RM24.3bil as at Dec 31, 2012.
On deposits from customers, Zaini said the deposits were RM26.6bil as at June 30, 2013 expanding by 23.8% from end-2012 of RM21.5bil.
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