MBSB To Diversify Business Plan Over Next 5 Yrs

MBSB To Diversify Business Plan Over Next 5 Yrs
KUALA LUMPUR, Feb 16 (Bernama) — Malaysia Building Society Bhd (MBSB) will continue to diversify its business plan over the next five years from 2015 to 2019, looking at pockets of opportunities in the corporate and plantation segments.

President and Chief Executive Officer Datuk Ahmad Zaini Othman said these two segments are quite insulated despite the forthcoming economic and industry challenges.

He said over the five years, MBSB plans to increase their corporate financing ratio to 30 per cent compared to 15 per cent currently and retail financing to 70 per cent from 85 per cent at present, part of their move to strengthen their business plan.

“Moving forward, this year we are looking out for wealth management types of programmes to put in place to support the key retail segment,” he told reporters after the company’s financial results announcement here today.

Last year, MBSB was part of merger negotiations to create the country’s first mega Islamic Bank, but the plan did not materialise as all parties ceased the discussions last month.

Ahmad Zaini said amongst the reasons were the unfavourable economic conditions that no longer rendered the corporate exercise a viable proposition.

But despite the substantial management time and efforts spent on the merger talks, the company was still able to stay on track to achieve this performance, he said.

MBSB posted a higher pre-tax profit of RM932.56 million in the financial year ended Dec 31, 2014 against RM932.35 million registered the preceding year.

The company said revenue rose RM2.61 billion during the period under review from RM2.54 billion in the corresponding period of the preceding year.

— BERNAMA

 

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