Kuala Lumpur, 10 November 2009 – MBSB today signed an agreement on the Second Tranche of RM 500 Million of 1 Billion with Recourse Securitisation of Mortgages with Cagamas through Maybank, Affin Bank and EON Bank in a ceremony witnessed by The Deputy Finance Minister, Senator Dato’ Dr Awang Adek Hussin.
Ahmad Zaini Othman, Chief Executive Officer of MBSB, said that ,”The additional facility of RM 500 million will be used to expand MBSB’s business activities which has been tremendously encouraging.” He added that MBSB’s current business expansion was the result of a well executed business plan, backed by a team of dedicated MBSB staff.
Ahmad Zaini also informed that as at third quarter 2009, MBSB total asset grew by 11.30% to RM 8.1billion as at 30 September 2009 as compared to 31 December 2008 of RM 7.3 billion. This growth was mainly attributed to the increase in net loan and financing of 12.8% to RM 7.7 billion as at 30 September 2009. The profit before taxation for the nine months period ended 30 September 2009 recorded an increase of 90.6% to RM 88 million as compared to the previous year corresponding period of RM 43.4 million.
Ahmad Zaini also pointed out that the improvement in the profit before taxation was due to the increase in contribution from Islamic Banking operations, particularly the rapid growth of the personal financing business.
Moving forward, Ahmad Zaini reiterated that the initiatives adopted by MBSB, will continue to focus on improvement to its asset quality, effectiveness and efficiency of operation processes, human capital development and strengthening of its risk management initiatives.
Ahmad Zaini also added that MBSB as a caring corporate citizen will continue to provide educational assistance to its adopted schools, champion the MBSB Home Safety Campaign and conduct programmes for the needy and less fortunate.