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Saturday, October 23, 2010

MBSB sets RM1bil target for new mortgage plan

PETALING JAYA: Malaysia Building Society Bhd (MBSB) is optimistic of hitting, within the next 12 months, its RM1bil loans target for its newly launched home mortgage programme called MBSB Ultimate, given its attractive features and financing, says chief executive officer Datuk Ahmad Zaini Othman.

“We are confident of achieving the RM1bil target as this tailor-made programme offers among others, loan tenure up to 70 years of age. We also have sales personnel from our 33 branches to promote this programme,” he told reporters yesterday after the launch of the programme.

MBSB Ultimate is targeted at properties priced from RM500,000.

Ahmad Zaini said MBSB’s outstanding home mortgage portfolio currently stood at about RM5bil.

He also said MBSB planned next year to come out with three or four new product packages for home mortgage and retail financing.

Chairman Tan Sri Abdul Halim Ali said MBSB Ultimate was the expression of MBSB’s inspiration in developing a home mortgage programme that would be the most definitive in the market.

“With the current drive and momentum set by the MBSB team coupled with new strategies, I am confident that MBSB will be able to re-establish its position as a significant player in the home financing market,” he said.

Meanwhile, commenting on the group’s third quarter results that were announced on Thursday, Ahmad Zaini said overall, its nine-month revenue performance had surpassed its full-year results in 2009 by more than 50%.

“We expect in the next three months our performance will continue to be strong, given the good numbers that we are having now,” he said.

MBSB’s third-quarter net profit fell 23% to RM40.5mil due to loan loss allowances made for impaired loans. Its revenue almost doubled to RM317.66mil for the three months ended Sept 30.

For the nine months ended Sept 30, MBSB reported net profit of RM133.2mil on revenue of RM890.8mil. It recorded net profit of RM57.2mil and revenue of RM538mil for 2009.

By The Star

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