BSN expects deposits to hit RM10.5b by year-end

KUALA LUMPUR: Bank Simpanan Nasional (BSN) expects to grow its deposits to RM10.5 billion by year-end from RM9 billion last year, helped by aggressive campaigns as well as the country's rising affluence and stable economy.

Source from (Business Times): http://www.btimes.com.my/Current_News/BTIMES/articles/BSN3/Article/index_html
Published: April 04, 2013


Its deputy chief executive Winston E. Jeyaprakash said he is confident that the bank's deposits will continue to increase in line with the launch of its new products and services.

He said BSN has been running a number of campaigns since last year, which have contributed significantly towards achieving its target for the segment.

"For example, our 'Stash Your Cash Deposit' campaign that ended in January has managed to secure a total of RM800 million of deposit value, which far exceeded our initial target of RM450 million.

"This shows that the campaign is very successful and we plan to run more such campaigns this year," he said after the prize giving ceremony for BSN product campaigns here yesterday.

Currently, BSN has a customer base of 8.5 million with personal savings and deposits being one of the main contributors to the bank's income, besides loans.

However, he said BSN is targeting a lower loan growth of 17 per cent this year, compared to 21 per cent last year due to several factors, including changes to the core banking system and loan delivery system.

Earlier, BSN chairman Tan Sri Abu Bakar Abdullah graced the prize giving ceremony involving 18 winners for three BSN product campaigns, which ran for a year since January last year.

The three campaigns were "Customer Update Through ATM, Kempen Capai Impian Berganda - Pembiayaaan Perumahan BSN and Stash Your Cash" involving prizes worth more than RM400,000.