Bank Simpanan posts $332M net income

Bank Simpanan Nasional increased its net income for financial year ended Dec 31, 2011 to RM1.032 billion or US$332 million.

It posted RM968 million in the same period last year.

The community bank recorded its highest profit after tax and zakat of RM361 million despite the challenging business environment in 2011.

Its revenue rose 12.6 per cent to RM1.457 billion against RM1.294 billion in 2010.

BSN said loans, advances and financing were the main contributors to the significant growth of its total assets in 2011 which grew 10.1 per cent from the previous year.

In line with the bank's mandated role to inculcate savings, the bank recorded a steady increase in its total deposits to RM19.585 billion from RM17.908 billion in 2010.

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