BSN revenue up 12.6% in 2011

  • Business
  • Thursday, 17 May 2012

KUALA LUMPUR: Bank Simpanan Nasional (BSN) announced its 2011 financial highlights and reported a registered revenue of RM1.5bil against RM1.3bil in 2010, representing a 12.6% year-on-year growth.

The bank also declared a positive increase in its net income of RM1.03bil in 2011 compared with RM968mil in 2010. Despite the challenging business environment in 2011, the community bank recorded its highest PATZ (profit after tax and zakat) of RM361mil.

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. Personal loans remain the main contributor for the increase in loans and advances portfolio. Personal loans recorded an increase of 12.5% while mortgage and micro finance recorded a positive growth of 5.3% and 18% respectively.

In line with the bank's mandated role to inculcate savings, the bank registered a steady increase in its total deposits to RM19.6bil from RM17.9bil in 2010, a growth of 9.4%. Its retail deposits also increased to RM10.4bil compared with RM9.8bil in the previous year, mainly contributed by GIRO, Sijil Simpanan Premium, BSN GIRO-i and BSN Ahsan.

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

“A lot of plans have come to fruition for BSN as it focuses on being sustainable and operationally profitable while ensuring financial inclusion for all in Malaysia, especially those under served and in rural areas. BSN's role in serving the community, especially in the rural areas, is vital to elevate the standard of living of the rakyat.”

In 2011, its Islamic banking portfolios recorded a revenue of RM618mil, an increase of 18.2% compared to RM523mil in 2010. Its 2011 financial year registered a PAZ (profit after zakat) of RM190mil compared with RM185mil in 2010.

BSN's greatest assets are its continuous emphasis on proximity, accessibility and maintaining a long-standing relationship with its customers.

BSN has a wide network nationwide to meet its objectives for financial inclusion with 390 branches, 962 automatic teller machines (ATMs) and 213 cash deposit machines (CDM) as at March 2012. BSN has also a total of 58 micro finance centres and four new social branches which began operations in Belaga (Sarawak) and Beluran, Kinabatangan and Telupid (Sabah).

The bank is also looking into improving its services and has embarked on its core banking replacement project to ensure efficiency and customers'satisfaction. BSN was established on Dec 1 1974 to take over the functions and responsibilities of the Post Office Savings Bank and is governed by the Bank Simpanan Nasional Act 1974.

BSN's mission is to encourage savings, investments and smart financial management among Malaysians to increase their quality of life.

BSN has grown to more than 6,000 employees and 390 branches, 962 and more than 1,500 authorised agents nationwide.

It has about eight million customers spread throughout the length and breadth of Malaysia and with total retail savings deposits of RM11.9bil.

It has embarked on a number of key initiatives as a catalyst to transform, remain competitive, relevant and sustainable.

BSN is continuously enhancing its services as well as expanding its range of products for the benefit of its customers.

The savings bank'smain products include personal financing, home loans, micro financing, premium savings certificate, Islamic banking schemes, GIRO savings account, BSN Matrix, Matrix-i Debit Card as well as VISA and Mastercard credit cards.

BSN also provides wealth management services such as medical and hospitalization insurance and will writing. - Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Next In Business News

Redtone Digital appoints Jalil Rasheed as deputy chairman
FBM KLCI closes marginally higher
Bitcoin falls 7% as cryptos stumble over Biden tax plans
Taiwan's chip industry set for years of growth: minister
AirAsia partners RinggitPlus to set up one-stop financial marketplace
CPI up 1.7% to 122.9 in March 2021
Maxis records 1Q net profit of RM334mil, declares 4 sen/share div
Digi posts RM264.8mil earnings in 1Q, declares 3.4 sen dividend
AirAsia Group expects 'clarity' on fundraising in 2-3 months
Pertama Digital keen to apply for digital banking license

Stories You'll Enjoy