Bank Simpanan Nasional posts net income of RM1.032b

KUALA LUMPUR(Bernama): Bank Simpanan Nasional (BSN) has posted a higher net income of RM1.032bil for its financial year ended Dec 31, 2011 compared to RM968mil in FY10.

Source From (The Star Online): http://biz.thestar.com.my/news/story.asp?file=/2012/5/16/business/20120516161726&sec=business
Published: 16 May 2012

The community bank recorded its highest profit after tax and zakat (PATZ) of RM361mill despite the challenging business environment in 2011, BSN said in a statement on Wednesday.
Its revenue rose 12.6% to RM1.457bil from RM1.294bil in 2010.

BSN said loans, advances and financing were the main contributors to the significant growth of its total assets in 2011 which grew 10.1% from the previous year.

In line with the bank's mandated role to inculcate savings, the bank recorded a steady increase in its total deposits to RM19.585bil from RM17.908bil in 2010.

Its retail deposits also increased to RM10.445bil compared to RM9.788bil in the previous year, mainly contributed by GIRO, Sijil Simpanan Premium, BSN GIRO-i and BSN Ahsan.

“The bank's sound financial results for 2011 are a validation of its effective organic growth strategies and sustainable business model,” BSN Chief Executive Datuk Adinan Maning said.

In 2011, its Islamic banking portfolios recorded a revenue of RM618mil, an increase of 18.2% compared to RM523mil in 2010.

Adinan said the bank was also looking into improving its services and had embarked on its core banking replacement project to ensure efficiency and customers' satisfaction.