MBSB

Re: MBSB

Postby winston » Wed Feb 22, 2017 7:51 pm

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MBSB net profit at RM201.4mil in FY16

Source: The Star

http://www.thestar.com.my/business/busi ... l-in-fy16/
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Re: MBSB

Postby winston » Thu May 25, 2017 8:48 am

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MBSB earnings soar on higher operating income

Revenue, meanwhile, dropped to RM811.20mil from RM812.63mil a year earlier. MBSB said the lower revenue was mainly due to lower financing income from retail segment and lesser income from investments in liquid assets.

PETALING JAYA: Malaysia Building Society Bhd’s (MBSB) net profit for its first quarter ended March 31, 2017 rose nearly 200% to RM101.32mil from RM34.84mil in the previous corresponding period, mainly due to higher net operating income.

In a filing with Bursa Malaysia, MBSB said the higher bottomline was also attributed to lower allowances for impairment losses on loans, advances and financing with the continuation of the impairment programme initiated by the group in the fourth quarter of 2014.

Revenue, meanwhile, dropped to RM811.20mil from RM812.63mil a year earlier.

MBSB said the lower revenue was mainly due to lower financing income from retail segment and lesser income from investments in liquid assets.

“The group’s cost-to-income ratio improved from the previous year to stand at 19.7%.”

The company said the gross income from its personal financing segment in the first quarter was lower compared to the previous year’s corresponding period due to lesser disbursements and decreasing portfolio base.

Meanwhile, it said gross income from corporate loans and financing in the first quarter was higher compared to the previous year’s corresponding period due to the continued growth of corporate loans and financing assets base.

“The gross income from mortgage loans and financing was lower compared to the previous year’s corresponding period due to lower disbursements and decreasing portfolio base.”

The gross income from the auto finance loans and financing division, meanwhile, was lower year-on-year due to lower disbursements and decreasing portfolio base.

MBSB also said the group embarked on a “Closing the Gaps” exercise since 2010 to bridge its frameworks to be in line with banking standards and best practices.

“The impairment programme, which is in line with the recommendation by Bank Negara, is in addition to the existing impairment provision that is in compliance with current accounting standards.”

On its prospects, MBSB said it would focus on continued expansion of the corporate business segment, as it had shown positive contribution in the first quarter of 2017, in terms of growth in corporate portfolio assets and earnings.

Source: The Star

http://www.thestar.com.my/business/busi ... iEAOL86.99
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Re: MBSB

Postby winston » Sat Aug 19, 2017 9:47 am

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MBSB gets Govt’s nod for merger with Asian Finance Bank

BY M. HAFIDZ MAHPAR

KUALA LUMPUR: Malaysia Building Society Bhd (MBSB) is poised to turn into a full-fledged Islamic bank, having received the Finance Minister’s green light to acquire the entire interest in Qatar Islamic Bank’s subsidiary Asian Finance Bank Bhd.

The non-bank lender, which is 65.56% owned by the Employees Provident Fund, said it was notified by Bank Negara Malaysia on Friday that the Finance Minister had granted approval for the proposed acquisition pursuant to the Islamic Financial Services Act 2013.


Source: The Star

http://www.thestar.com.my/business/busi ... fBY7MOU.99
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Re: MBSB

Postby winston » Tue May 22, 2018 8:48 am

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Trading Buy: MBSB - 1171
(Last price: RM1.19, Potential upside +16.0%)

Company Profile
• A licensed Islamic bank following the completion of merger with Asian Finance Bank Bhd (AFB)

Trading Catalyst
• We remain cautiously optimistic of a steady 11% FY17-19 EPS CAGR following the merger with AFB in 1Q18.
• Downside risk limited due to undemanding 1x P/B versus 10Y historical average of 1.26x.
• Recent base building above RM1.16 (200d SMA) is positive for a potential triangle breakout towards RM1.31-1.38 territory.

Technical View
• Resistance: RM1.23 / RM1.31 / RM1.38
• Support: RM1.16 / RM1.10
• Cut loss: RM1.09

Key Financial Stats
• Strong FY17-19 EPS CAGR of 11%; FY18-19 DY 3.4%

Source: HLIB
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Re: MBSB

Postby winston » Mon Jun 11, 2018 2:05 pm

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May 22, 2018

Trading Buy: MBSB - 1171
(Last price: RM1.19, Potential upside +16.0%)

Company Profile
• A licensed Islamic bank following the completion of merger with Asian Finance Bank Bhd (AFB)

Trading Catalyst
• We remain cautiously optimistic of a steady 11% FY17-19 EPS CAGR following the merger with AFB in 1Q18.
• Downside risk limited due to undemanding 1x P/B versus 10Y historical average of 1.26x.
• Recent base building above RM1.16 (200d SMA) is positive for a potential triangle breakout towards RM1.31-1.38 territory.

Technical View
• Resistance: RM1.23 / RM1.31 / RM1.38
• Support: RM1.16 / RM1.10
• Cut loss: RM1.09

Key Financial Stats
• Strong FY17-19 EPS CAGR of 11%; FY18-19 DY 3.4%

Source: HLIB
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Re: MBSB

Postby winston » Sun Jul 14, 2019 8:25 am

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Feb 7, 2018

MBSB completes purchase of AFB

KUALA LUMPUR: Malaysia Building Society Bhd (MBSB) said Asian Finance Bank (AFB) is now a wholly owned subsidiary after it acquired all shares in the bank for RM644.95mil.

“We are on track with the merger and acquisition exercise with the completion of the sales and purchase agreement this week,” MBSB president and chief executive officer Datuk Seri Ahmad Zaini Othman said in a statement.

“Now, we shall embark on an interesting journey with a new environment and expectations as we realize our aspiration of becoming a full-fledged Islamic bank in Malaysia” he said.

The new bank will offer a full range of Islamic banking products and services such as wealth management, trade finance and foreign exchange to both of its retail and corporate customers.

The merger will create the country’s second-largest stand-alone Islamic bank with total assets of RM47.8bil.

In addition, MBSB will also be developing digital capabilities and innovative products to attract new customers.

“New focus will also be established on areas such as digital customer experience, digital banking, fintech and data & analytics,” Ahmad Zaini said.

Source: The Star

https://www.thestar.com.my/business/bus ... pTmQTx9.99
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Re: MBSB

Postby winston » Sun Jul 14, 2019 8:29 am

The going gets tough for MBSB

16 May 2019

According to MBSB group president and chief executive officer Datuk Seri Ahmad Zaini Othman(pic), the bank registered stable growth in revenue and net operating income and still maintained a cost-to-income ratio of 26.34%, which is below the industry average.

PETALING JAYA: The going gets tough for the Employees Provident Fund’s majority-owned Malaysia Building Society Bhd (MBSB), as the bank provisions for higher expected credit losses (ECL) amid a subdued loan growth in the first quarter of financial year 2019 (1Q19).

Against the backdrop of slowing economic activities and the bank’s sharply lower earnings in the first quarter, concerns have risen about MBSB’s outlook in the upcoming quarters.

The financial institution’s net profit in the first quarter ended March 31, plunged by about 73.5% year-on-year (y-o-y) to RM83.83mil compared to RM316.79mil in the previous corresponding quarter.

The sharp dive in profitability was a result of the higher ECL of RM153.02mil in the first quarter.

MBSB’s revenue in the three-month period also fell 3.8% y-o-y to RM784.04mil compared to RM815.04mil a year earlier.

The banking group told the stock exchange that its higher ECL in the first quarter was mainly because 1Q18 had recorded a write-back as a result of staging improvement from stage two compared to stage one.

“Comparing the ECL of 1Q19 and 4Q18, the increase in ECL was mainly due to an unfavourable forecast of forward-looking macroeconomic factors applied to the household sector portfolio, which increased the lifetime ECL for the stage two impairment.

“In addition, the increase in ECL was due to higher non-performing financing from the household sector portfolio, which increased ECL for the stage three impairment, as well as higher ECL charges for corporate customers in stages one and two,” MBSB said in a Bursa Malaysia filing.

Stage one ECL includes financial assets that do not have a significant increase in credit risk since the initial recognition, or those which have low credit risk at the reporting date, while stage two includes financial assets that have a significant increase in credit risk since initial recognition but do not have objective evidence of impairment.

On the other hand, stage three ECL includes financial assets that have objective evidence of impairment at the reporting date.

An analyst told StarBiz that MBSB’s ECL is based on the requirements under the Malaysian Financial Reporting Standard 9 or MFRS 9.

Under MFRS 9, which took effect on Jan 1, 2018, all financial assets would count toward the computation of ECLs, and therefore, require provisioning from the first day of their origination, even if they are fully performing.

When asked whether MBSB’s higher ECL in the first quarter indicates a potential surge in delinquent and bad loans over the coming quarter, the analyst said “not really”.

“The ECL can be recovered. Part of the ECL is also the forward-looking perspectives, which accounted for at least a third of the ECL,” he said.

MBSB’s total gross loans, financing and advances in 1Q19 grew marginally by 0.7% y-o-y to RM35.44bil. The bank’s biggest loan segment, personal financing, declined 4% y-o-y to RM20.48bil, while auto financing fell 18.8% y-o-y to RM220.27mil.

However, corporate loans and financing rose significantly by 10.6% y-o-y to RM9.19bil. Property and mortgage financing also improved by 4.8% y-o-y to RM5.55bil.

“Business expansion in the corporate segment continued to improve the asset composition ratio between retail and corporate to 74:26 compared to 75:25 (4Q18), progressively moving towards the group’s target of 60:40 by year 2020,” MBSB said in a statement.

The net impaired financing ratio stood at 2.11% in 1Q19, compared to 2.39% in 4Q18. However, it has regressed compared to 1.82% in 1Q18.

According to MBSB group president and chief executive officer Datuk Seri Ahmad Zaini Othman, the bank registered stable growth in revenue and net operating income and still maintained a cost-to-income ratio of 26.34%, which is below the industry average.

“While the Malaysian economic condition remains challenging, we will remain focused on expanding our banking capabilities. With this, the bank’s technology transformation shall continue to take centre stage.

“On another front, we are also aiming to increase our fee income-based activities to make up 35% of income by end-2020,” said Ahmad Zaini.

MBSB’s net income in the first quarter was recorded at RM365.03mil, marking an improvement of 5.01% from RM347.63mil in 1Q18.

Group deposits rose 5.82% to RM34.7bil in 1Q19. The capital position remained strong, as the CET-1 capital ratio stood at 20.95% as at March 31, standing well above Bank Negara’s prescribed ratio of 7%.

Its liquidity coverage ratio stood at 228.18% in 1Q19, as compared to 210.33% in 4Q18.

Source: The Star

https://www.thestar.com.my/business/bus ... ec4gi9r.99
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Re: MBSB

Postby winston » Sun Jul 14, 2019 8:33 am

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June 11, 2019

MBSB in midst of restructuring for banking unit to be holding company

by Wong Ee Lin

KUALA LUMPUR (June 11): Malaysia Building Society Bhd (MBSB) is undertaking an internal restructuring that will result in its wholly-owned banking subsidiary — MBSB Bank Bhd, formerly known as Asian Finance Bank Bhd — being the group's holding company within the next two years.

Its president and chief executive officer Datuk Seri Ahmad Zaini Othman (pictured) told reporters today that for that to happen, MBSB still has to convert its conventional assets worth about RM1 billion to Islamic assets, which make up about 10% to 12% of its asset portfolio.

"Under our business plan, Bank Negara [Malaysia] gives us about three years to collapse all the conventional assets," said Ahmad Zaini. MBSB Bank obtained its banking licence to undertake Islamic banking in April last year.

Once the group completes this internal restructuring, Ahmad Zaini said MBSB Bank will then have a full shariah-compliant certification or endorsement.

"This [will then also] open up a lot more opportunities for us, once it is a shariah-compliant stock, it is easier to attract more investors and investments," he said after the group's annual general meeting here today.

He also shared some key performance indicators or KPIs for the group's financial year ending Dec 31, 2019 (FY19). Loan growth, for one, is targeted to be more than 5%, while non-performing loan (NPL) ratio is to be 1.2%-1.3%. It is also aiming for a net return-on-equity (ROE) of 10%.

In FY18, its loan growth came in at 3%, while NPL was at 1.2%-1.3%, with net ROE at 8.2%.

Ahmad Zaini said the higher loan growth target will be supported by the group's new revenue stream such as trade finance, wealth management and internet and mobile banking, besides alternative financial services or peer-to-peer financing.

MBSB reported a 73.5% fall in net profit in its first quarter ended March 31, 2019 (1QFY19) to RM83.83 million from RM316.79 million a year ago, due to higher expected credit losses (ECL). Revenue for 1QFY19 declined 3.8% to RM784.04 million from RM815.04 million.

The increase in ECL was mainly because a write-back was recorded for 1QFY18 as a result of staging an improvement from Stage 2 to Stage 1, MBSB said.

According to the bank, financial assets with a 12-month ECL are recognised to be in Stage 1, while those which are considered to have had a significant increase in credit risk are in Stage 2, and those for which there is objective evidence of impairment and are considered impaired are in Stage 3.

At 3.33pm, MBSB shares were up half a sen or 0.53% at 95 sen, bringing its market capitalisation to RM6.04 billion.

Source: The Edge

https://www.theedgemarkets.com/article/ ... ng-company
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