loan

 
 

UOB Malaysia partners SJPP to extend government-guaranteed unsecured financing facilities to SMEs

KUCHING: United Overseas Bank (Malaysia) Bhd (UOB Malaysia) has entered into an agreement with Syarikat Jaminan Pembiayaan Perniagaan Berhad (SJPP) to offer government-guaranteed financing to small- and medium-sized enterprises (SMEs)1. SJPP is an administrator and manager of credit guarantee schemes under Malaysia’s Ministry of Finance. Under the agreement, SMEs can obtain collateral-free loans of up […]


Tsipras declares “day of liberation” after Greece leaves bailout

ATHENS, Aug 21 — Prime Minister Alexis Tsipras hailed the end of a “modern-day Odyssey” today after Greece emerged from nine years of bailouts, saying it should never forget the harsh lessons learned under tight financial supervision by its…


SJPP-UOB BizMoney offers up to RM1m collateral-free loan

KUALA LUMPUR, Aug 21 — United Overseas Bank (Malaysia) Bhd (UOB Malaysia) has entered into an agreement with Syarikat Jaminan Pembiayaan Perniagaan Berhad (SJPP) to offer government-guaranteed financing to small and medium-sized enterprises…


Financing of RM30b made available via SJPP’s schemes since 2009

KUALA LUMPUR, Aug 21 — The Finance Ministry’s wholly-owned company, Syarikat Jaminan Pembiayaan Perniagaan Bhd (SJPP), has partnered various financial institutions to make available financing of about RM30 billion through various schemes, since…


Putrajaya targeting 2.8pc fiscal deficit this year, Guan Eng says

KUALA LUMPUR, Aug 21 — The government is committed to long-term fiscal consolidation and aims to cut the fiscal deficit to 2.8 per cent of gross domestic product this year, says Finance Minister Lim Guan Eng. He said the target would be…


AMMB’s Q1 net profit up 5.9% to RM347.6m

PETALING JAYA: AMMB Holdings Bhd's net profit rose 5.9% to RM347.6 million in the first quarter ended June 30, 2018 (Q1FY19) from RM328.27 million in the previous corresponding quarter, driven by higher interest income.

Revenue for the quarter grew 4.4% to RM2.17 billion againts the RM2.08 billion made previously.

The group's net interest margin (NIM) remained flat at 2.02% compared with the corresponding period last year.

Its total operating expenses recorded reduction of 7.3% compared to same period last year, while general and administrative expenses were controlled with less expenses incurred relating to compliance and governance.

Overall, the group's cost to income (CTI) ratio improved to 50.6% from 56.3% a year ago. Its net income from insurance business also improved substantially mainly due to lower insurance claims.

“We saw a strong pre-provision profit growth of 16.7% compared to 3.2% in Q1FY18. At RM501 million, this is the highest profit before provision (PBP) recorded since Q4FY15, a testament to the strength of our Top 4 strategy,” AmBank Group CEO Datuk Sulaiman Mohd Tahir said in a statement.

“Credit costs were still negligible considering our asset base. Overall, we recorded higher profitability and improved returns in Q1FY19,” Sulaiman said.

He added the bank's net interest income (NII) continued to grow steadily at 4.7% year-on-year (y-o-y) to RM642 million, paced by the consistent loans growth of 2.2% on a year-to date (YTD) basis.

However, he said non-interest income (NoII) was flat y-o-y at RM372 million.

On loans growth, Sulaiman said AMMB continues to see good loans growth in its targeted segments.

He said mortgage loans maintained its growth momentum and expanded by 4.8% YTD to RM27.7 billion, while loans to small and medium enterprises (SME) grew 2.8% YTD to RM17.2 billion.

“All in all, we are encouraged by the 8th consecutive quarter of loans growth. Our customer deposits grew 2.9% YTD to RM98.6 billion whilst our current accounts and savings accounts (CASA) increased by 2.1% YTD,” he added.

On liquidity, Sulaiman said the group's banking subsidiaries have maintained liquidity coverage and net stable funding ratios (NSFR4 ) above 100%.

“Our capital levels were adequate with CET1 capital ratio at 11.6%, up 30 basis points (bps) from March 31, 2018 whilst total capital ratio stood at 16.4%, down 20 bps,” he noted.

On its prospects, Sulaiman said the group is on track to achieve its full year CTI target of 55%.

“We will continue to maintain our focus on driving income and CASA growth as well as manage cost diligently through our BET300 programme to attain operational efficiencies while emphasising capital accretive growth,” he added.

At the midday break, AMMB's share price gained 7 sen or 1.8% to RM3.93 with 243,000 shares changing hands.


Utusan Melayu down 19.04% upon PN17 entry

PETALING JAYA: Utusan Melayu (Malaysia) Bhd's share price fell 19.04% or as much as 4 sen to 17 sen on early trade after it was admitted into the Practice Note 17 (PN 17) category following default on payments to Maybank Islamic Bhd and Bank Muamalat Malaysia Bhd.

At 10.29am the stock was trading  at 18 sen with 324,600 shares done.

The newspaper publisher told Bursa Malaysia yesterday that it had triggered the prescribed criteria under paragraph 2.1 (f) of PN17 and is required to submit a regularisation plan within 12 months from the announcement date.
 
In the event the company fails to comply with the obligations to regularise its condition, its listed securities will be suspended from trading on the 6th market day after the date of notification of suspension by Bursa Securities and de-listing procedures will be taken against it.
 
Recently, Utusan Melayu announced that it had defaulted on another two loan payments totalling RM1.18 million due to financial constraints after a loan default of RM2.96 million to Affin Bank.
 
It was also planning to undertake a private placement to raise up to RM2.1 million for the repayment of bank borrowings.
 
Utusan Melayu said it is looking into formulating a regularisation plan to address its PN17 status and will make the necessary announcement on the regularisation plan in due course.


‘Supplementary budget not needed’

PUTRAJAYA: The government does not need a supplementary budget for now as the country’s fiscal deficit is under control, says Deputy Finance Minister Datuk Ir Amiruddin Hamzah.

He said a well-managed and sustainable fiscal deficit will strengthen Malaysia’s economy and the country will not need to borrow again.

“We will not need a supplementary as the government is controlling the fiscal deficit in terms of expenditure and income. Even if there are changes, controlling the fiscal deficit is our priority in growing the national economy,” he said after handing over RM34 million in financing under the MyCreative Ventures financing scheme to 19 creative companies here today.

On Aug 12, Prime Minister Tun Dr Mahathir Mohamad said the government was considering tabling a supplementary budget.

Earlier, Finance Minister Lim Guan Eng announced that Malaysia’s projected fiscal deficit would rise to RM40.1 billion in 2018 from RM39.8 billion, which would maintain the federal government budget deficit at 2.8% of gross domestic product (GDP).

Amiruddin in his opening speech urged companies in the creative industry to play a role in formulating a product commercialisation plan by combining the creative arts with the tourism sector.

“This initiative has the potential to contribute to the nation’s economy as the tourism sector, which is based on the arts and culture, could generate a lucrative revenue, for example, a country like France earns about RM934 billion a year from their tourism sector,” he said.

MyCreative CEO Riza Saian said Malaysia’s creative industry contributes just 2% to GDP compared to over 5% in Indonesia, Singapore and Korea.

“Many creative enterprises in Malaysia are at an early stage and need more time to earn substantial profits. Malaysia has a wealth of creative talents, but their business skills on the whole need to be enhanced,” he said.

Riza noted that RM200 million had been invested in 138 creative companies under 10 categories – visual arts, traditional arts, music, fashion, design, creative studies, culinary arts, creative content, literature and performance arts.

The financing is in line with MyCreative’s objective of supporting the implementation of the national creative industry policy and stimulating the growth of the creative industry through a strategic and innovative financing scheme in the form of equities, loans or a combination of both, he said. – Bernama


Supplementary budget not needed for now

PUTRAJAYA: The government does not need a supplementary budget for now as the country’s fiscal deficit is under control, says Deputy Finance Minister Datuk Ir Amiruddin Hamzah.

He said a well-managed and sustainable fiscal deficit will strengthen Malaysia’s economy and the country will not need to borrow again.

“We will not need a supplementary as the government is controlling the fiscal deficit in terms of expenditure and income. Even if there are changes, controlling the fiscal deficit is our priority in growing the national economy,” he said after handing over RM34 million in financing under the MyCreative Ventures financing scheme to 19 creative companies here today.

On Aug 12, Prime Minister Tun Dr Mahathir Mohamad said the government was considering tabling a supplementary budget.

Earlier, Finance Minister Lim Guan Eng announced that Malaysia’s projected fiscal deficit would rise to RM40.1 billion in 2018 from RM39.8 billion, which would maintain the federal government budget deficit at 2.8% of gross domestic product (GDP).

Amiruddin in his opening speech urged companies in the creative industry to play a role in formulating a product commercialisation plan by combining the creative arts with the tourism sector.

“This initiative has the potential to contribute to the nation’s economy as the tourism sector, which is based on the arts and culture, could generate a lucrative revenue, for example, a country like France earns about RM934 billion a year from their tourism sector,” he said.

MyCreative CEO Riza Saian said Malaysia’s creative industry contributes just 2% to GDP compared to over 5% in Indonesia, Singapore and Korea.

“Many creative enterprises in Malaysia are at an early stage and need more time to earn substantial profits. Malaysia has a wealth of creative talents, but their business skills on the whole need to be enhanced,” he said.

Riza noted that RM200 million had been invested in 138 creative companies under 10 categories – visual arts, traditional arts, music, fashion, design, creative studies, culinary arts, creative content, literature and performance arts.

The financing is in line with MyCreative’s objective of supporting the implementation of the national creative industry policy and stimulating the growth of the creative industry through a strategic and innovative financing scheme in the form of equities, loans or a combination of both, he said. – Bernama


Utusan Melayu in PN17 status on loan defaults

PETALING JAYA: Utusan Melayu (Malaysia) Bhd has been admitted into the Practice Note 17 (PN 17) category after it defaulted on payments to Maybank Islamic Bhd and Bank Muamalat Malaysia Bhd.

The newspaper publisher told Bursa Malaysia that it had triggered the prescribed criteria under paragraph 2.1 (f) of PN17 and is required to submit a regularisation plan within 12 months from the announcement date.

In the event the company fails to comply with the obligations to regularise its condition, its listed securities will be suspended from trading on the 6th market day after the date of notification of suspension by Bursa Securities and de-listing procedures will be taken against it.

Recently, Utusan Melayu announced that it had defaulted on another two loan payments totalling RM1.18 million due to financial constraints after a loan default of RM2.96 million to Affin Bank.

It was also planning to undertake a private placement to raise up to RM2.1 million for the repayment of bank borrowings.

Utusan Melayu said it is looking into formulating a regularisation plan to address its PN17 status and will make the necessary announcement on the regularisation plan in due course.

The counter fell half a sen or 2.3% to close at 21 sen today on 5,100 shares traded.