Bank Muamalat first-half net profit jumps 53pc
Published: 2010/12/14

BANK Muamalat Malaysia Bhd's net profit for the first six months ended September 30 this year jumped 53 per cent to RM71.9 million.

Group pre-tax profit breached the RM100 million mark to RM102.1 million, 60 per cent higher than a year ago.

Bank Muamalat, in a statement yesterday, attributed the better results to steady and broad-based performance including significantly reduced provisions for impaired assets.

The bank's total assets grew by 8.3 per cent to RM16 billion. The asset expansion was driven by the 10.7 per cent increase in financing, attributed to steady credit appetite from both the consumer and wholesale businesses, it said.

Meanwhile, in a separate statement, Bank Muamalat said it had not considered any strategic partnership nor entered into the open bid for Pos Malaysia Bhd.

It was responding to a report published by an investment research company.

DRB-HICOM Bhd holds a 70 per cent stake in Bank Muamalat and the remaining is held by Khazanah Nasional Bhd.


Read more: Bank Muamalat first-half net profit jumps 53pc http://www.btimes.com.my/Current_News/BTIM.../#ixzz184NmkIbF

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Added on December 14, 2010, 3:43 pmLooks like good news is all around for DRB. The lower price in KLSE today has not reflected the group actual business confidence. Wonder why?

This post has been edited by dchk: Dec 14 2010, 03:43 PM

DRB-Hicom May Rise;Insurance Units Shr Sale Report

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0047 GMT [Dow Jones] Malaysian conglomerate DRB-Hicom (1619.KU) may rise to test the psychological MYR2.00 level, says a local brokerage dealer, after The Edge Financial daily reported earlier, citing unnamed sources, that the company is exploring the possibility of divesting its interests in insurers Uni.Asia Life Assurance and Uni.Asia General, in which it owns a 51% and 34.7% stake, respectively. "The stakes sale will likely be viewed positively as it will allow DRB to focus on its core auto business," says the dealer; he believes that proceeds from the sale will also come in handy for the company's capex plans. The stock closes down 0.5% at MYR1.92.

Finally let go at 1.95. I hope everyone else makes gets to sell it higher in the coming weeks.