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Monday, May 26, 2008

Malaysia Building Society's Q1 net soars

MALAYSIA Building Society Bhd, a housing loan provider, said its first quarter net profit quadrupled as it sets aside less money to cover potential bad loans.

In addition, it made more in net interest income as well as from Islamic banking income.

MBSB expects to remain profitable for the second quarter of fiscal 2008 that ends on December 31, it said in a statement to Bursa Malaysia.

"The group will continue to focus on its core mortgage and related retail businesses whilst emphasising on fee-based income and corporate loans recovery," it said.

MBSB made a net profit of RM19.6 million for the quarter to March 31 2008 against RM4.9 million in the same period a year ago.

Revenue was up by a third to RM106.3 million.

MBSB, a subsidiary of the Employees Provident Fund, has been in the limelight as it has lured interest from local and foreign suitors.

In April, MBSB said a due diligence was being done on the group. It was responding to reports that said three Abu Dhabi government-linked companies are eyeing EPF's stake in MBSB.

The reports also said that the main objective of the sale is to develop some of MBSB's strategic landbank without using EPF money.

By New Straits Times

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