A provider of property financing is in talks with the central bank about a plan to become a full-fledged bank. They have been talking with Bank Negara Malaysia” about the matter.
The Employees Provident Fund and Permodalan Nasional Bhd are its biggest shareholders. EPF owns 67 per cent of Malaysia Building while Permodalan Nasional holds a 15 per cent stake.
Its net profit soared to rm43 million in FY2010 ended March 31.
While it continues to give loans to house buyer, it has quickly built a loan book in personal financing for civil servants.
Its booked rm1 billion in personal financing for the whole of 2009, but it has only taken the company the first four months of 2010 to booked Rm1 billion.
On deposit side, the company managed to increase its deposit base to match the expansion of its loan base. Its deposits rose 11.9% to rm8.5 billion in the first three months of 2010, from RM7.6 billion at end 2009.
That complements the growth of 7.6% in its net loans, advances and financing to rm8.7 billion from Rm8.1 billion during same period. To support this, the company also has cash of RM940 million and equity of RM435 million.
It is preparing to join its peers in the banking system, which would subject to similar capital requirements and regulatory supervision. The home could be in Dafia or Bafia.
3 hours ago
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