Yang Berbahagia Tan Sri Abdul Halim Ali, Chairman of MBSB launched MBSB newest branch in Kangar, Perlis today, marking a total of 27 branches in operation throughout Malaysia.
The opening of MBSB Kangar Branch is in line with the company's expansion program to open ten new branches this year. MBSB has opened three branches in the first quarter of 2008 in Taiping, Kangar and Sandakan. In the pipeline, seven more branches will be opened this year making a total of 34 branches throughout Malaysia for year 2008.
According to Tan Sri Abdul Halim, the opening of the new branch demonstrates the Group's commitment to further enhance it's activities and to serve its customers in Taiping and its surrounding areas such as Kuala Kangsar, Bagan Serai, Parit Buntar, Bukit Merah and more. He added, "The present management of MBSB is focussing its business in retail sector while maintaining our core business in property financing. This is in line with MBSB corporate vision on enhancing its shareholders value."
At the launching, Tan Sri Halim also announces that MBSB unaudited profit after tax of RM 53.3 million in the fourth quarter ended 31 December 2007, an increase of 32.4% as compared to 2006.
He said that the earning growth was driven by strong operating revenue. It was also contributed by MBSB Islamic banking operations, which registered encouraging growth of 40% compared to 2006.
In the first quarter 2008, MBSB announced profit before tax are RM 19.6 million compared to only RM 4.86 million in the first quarter last year. It is expected to do better in the second quarter performance.
"Being part of GLC's, MBSB have been committed to achieving its headline KPI's and in fact has surpassed all three (3) Headlines KPIs namely, Return of Equity, Revenue Growth and Retail Loan Growth".
The Return of Equity target Headline KPI was 7.5% and the group achievement was 10.55% with 3.55% positive variance. In the Revenue Growth segment the KPI set for 2007 was 15% and the achievement was 22.44%, a positive variance of 7.44%. In Retail Loan Growth segment Headline KPI set was 25% and the group achievement was 26.75%, a positive variance of 1.75%.
Apart from its core business in property financing, MBSB is also going strong in the Personal Financing segment and corporate loan emphasizing on small-scale development. In addition, MBSB continuously developing new Islamic products as well as collaborating with strategic alliances.
MBSB is also seriously looking into series of transformation initiatives as being part of GLCs. A few initiatives have been implemented to drive the business as per GLCs guidelines. Among others, MBSB is embarking on integrated purchasing for bulk discounts and outsourcing option as means of saving further its operation cost coupled with increasing efficiency on its internal process.
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