Bank Pembangunan's pre-tax profit up 23%

Bank Pembangunan posted a pre-tax profit of RM618 million for the financial year ended Dec 31, 2011.

This represents a 23 percent year-on-year increase.

On the other hand, its net profit increased 20 per cent y-o-y to RM462 million, said BPMB in a statement.

"This was attributable to higher income from loans and advances on the back of a six per cent gross loan growth, largely contributed by loan disbursement to infrastructure projects totalling RM2.9 billion," it said.

Out of this, RM2.2 billion was for Government-backed projects, while RM306.2 million was progress payment under Private Finance Initiative projects, it added.

As a group, BPMB said pre-tax profit increased 12.8 per cent to RM619 million despite a seven per cent decrease in net income to RM1.2 billion in 2011.

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