BSN net income jumps to RM1.03b

Source From (Business Times): http://www.btimes.com.my/Current_News/BTIMES/articles/bsn16/Article/

Published: 17 May 2012

KUALA LUMPUR: Bank Simpanan Nasional (BSN) has posted a higher net income of RM1.03 billion for its financial year ended December 31 2011 compared with RM968 million in the same period previously.

The community bank recorded its highest profit after tax and zakat of RM361 million despite the challenging business environment in 2011, BSN said in a statement yesterday.

Its revenue rose 12.6 per cent to RM1.45 billion against RM1.29 billion 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 per cent 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 RM19.58 billion from RM17.90 billion in 2010.

Its retail deposits increased to RM10.44 billion compared with RM9.79 billion 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," said BSN chief executive Datuk Adinan Maning.

In 2011, its Islamic banking portfolios recorded a revenue of RM618 million, an increase of 18.2 per cent compared to RM523 million in 2010. Bernama