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BSN net profit jumps 119.7% to RM133.8 mil

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Positive growth underpinned by 14.5% increase in revenue to RM1.04 billion.

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Free Malaysia Today

KUALA LUMPUR:
Bank Simpanan Nasional (BSN) posted a net profit after tax and zakat of RM133.8 million in the first half of the year ending June 30.

It is up by 119.7% from RM60.9 million within the same period last year.

The positive growth was underpinned by a 14.5% increase in revenue to RM1.04 billion from RM906.7 million over the same period, the bank said in a statement today.

Financing was up by 11.2%, mainly in the personal loan segment, which recorded a growth of 9.8%, followed by Real Estate Financing which grew 9%.

Deposits also increased 9.8% through products such as the Premium Savings Certificate, Student Savings Scheme and BSN Smart Junior.

Non-Performing Loans decreased to 1.53% from 1.60% last year, while Return on Equity increased to 11.28% from 8.86%.

On micro financing, BSN still leads the Malaysian market ahead of another 10 banking institutions, with a 41.8% market share.

BSN’s micro financing, launched in 2007, has grown to over 64,000 customers with a total funding of RM1.7 billion.

In the first year of its introduction, it only had 320 customers with a total funding of RM5 million.

“We are always committed to providing an integrated financial services platform that is easily accessible to our customers,” BSN chief executive officer Datuk Yunos Ghani said.

BSN has 38 Micro Finance Centres nationwide and has created the “Micro Finance Entrepreneur Analytics Pilot Project” accounting system with UiTM.

The system is to provide accounting solutions to selected micro entrepreneurs and INSKEN development programme for technical training and enhancing business and marketing knowledge.

BSN has 390 branches, 728 automated teller machines, 397 cash deposit machines and over 4,500 registered bank agents nationwide.

Sixty-four percent of its bank agents are located in rural areas.

Bank agents, introduced in 2012, have provided banking services in 97% of the total 886 counties in Malaysia.

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