PETALING JAYA: Malaysia Building Society Bhd
(MBSB) expects an asset growth of 10% by year-end, pushed by charge revenue and the commerce financing enterprise.
Acting chief govt officer Datuk Nor Azam M. Taib mentioned the growth of the brand new progressive Islamic financial institution will even be pushed by the group’s retail and industrial aspect.
From the retail aspect, the growth will certainly come from private financing, montages and residential financing, whereas from industrial and company, it will likely be the commerce enterprise.
“MBSB is just a new bank coming to the industry. So, for us to grow by 10% there is still a lot of room to grow, unless we are a much bigger bank where market share is already touching 40% to 50%.
“To bring in other growth might be another challenge.
“So, for us to create a new growth of 10% for 2022, it would be possible,” he mentioned after MBSB’s AGM yesterday, Bernama reported.
Nor Azam mentioned the group aimed to succeed in RM20bil in commerce quantity by year-end.
As at May, MBSB had already reached RM12bil in commerce quantity, he mentioned.
He added, “We built a trade volume of more than RM15.6bil last year.
“So, we expect to close RM20bil in trade value by this year.”
Moving ahead, Nor Azam mentioned MBSB aimed to boost its current enterprise to enhance competitiveness and meet evolving market expectations.
“We are currently pursuing new businesses to accelerate growth to increase shareholder value,” he mentioned.
Nor Azam mentioned MBSB Bank was pursuing its Journey 2025 or J25 roadmap because it aimed to turn out to be a high progressive Islamic financial institution within the nation, guided by a two-pronged enterprise technique of producing new income streams and enhancing current companies.
“We are generating new revenue streams to accelerate our growth, which will be undertaken by way of product differentiation and customised solutions,” he added.
For the 12 months ended Dec 31, 2021, the group registered a internet revenue of RM438.7mil, a 62.9% improve from RM269.3mil within the earlier corresponding interval.
Meanwhile, income declined barely by 16.6% to RM2.6bil from RM3.2bil final 12 months.
