Bank expects 20% to 30% increase mainly from its guaranteed loan scheme
KUALA LUMPUR: Bank Simpanan Nasional (BSN) is targeting 20% to 30% growth in housing loans this year, said chairman Datuk Seri Abdul Azim Zabidi.
The growth would be underpinned by the guaranteed housing loan scheme announced under Budget 2008, which was designed to help variable income earners to own low- and medium-cost housing, he said.
“Our latest capital guaranteed housing loan will add to the growth of our housing loan portfolio,” he said after BSN and HeiTech Padu Bhd signed a commemorative plaque to signify the completion of BSN's network migration project.
Last week, Second Finance Minister Tan Sri Nor Mohamed Yakcop said the Government expected financial institutions to disburse RM1bil worth of home financing to low-income groups under the scheme this year.
Housing loans, which account for about 39% of BSN's total loan portfolio, currently totals RM2.6bil. Personal and housing loans would be the bank's main contributors this year, Abdul Azim said.
BSN, he said, also planned to grow its micro-finance portfolio this year.
“We are looking at quite a high (growth), to about RM180mil in 2008 from RM4.5mil last year,” he said, adding that retail deposits were also expected to grow about 12% this year.
On the completion of the bank's network migration project, Abdul Azim said BSN could now operate more cost effectively.
“This new network has enabled BSN to establish connectivity with all 375 branches nationwide, including those in remote areas, through secure high-speed Internet protocol broadband services to support our overall banking transactions,” he said.
The RM32mil network migration project was awarded to HeiTech Padu in June last year. Abdul Azim said the bank would be spending about RM220mil to improve BSN's information technology infrastructure over the next five years.
HeiTech Padu executive chairman Datuk Mohd Hilmey Taib, meanwhile, said the demand for network and disaster recovery services was expected to pick up over the next few years due to increased data usage and security as companies were showing more interest in having proper recovery plans.
By The Star
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