PUTRAJAYA (Sept 29): Permodalan Nasional Bhd (PNB) recorded an 8.8% rise in net income at RM10 billion for the eight-month period ended Aug 31, 2017 (8MFY17) on better economic and market conditions, and as the Malaysian state-owned investment arm reaped returns from its strategic companies.

PNB's assets under management (AUM) rose 4.2% to RM268.6 billion, of which RM228 billion was made up of unit trust funds and the remaining RM40.6 billion was the company's proprietary funds, PNB group chairman Tan Sri Abdul Wahid Omar said.

"The stronger-than-expected growth (in the Malaysian economy) had supported the domestic equity and currency markets. Despite a flat capital market during the 3Q, the FBM KLCI increased 116 points or 7.1% year-to-date to close at 1,758 points, while the ringgit gained 6% to RM4.23 as at Sept 28, 2017.

"Most encouragingly, the increase in aggregate market value of PNB's strategic companies sustained RM29 billion year-to-date, representing a weighted growth of 19.4%, while the total shareholders' return year-to-date was 21.3%, virtually double that of FBM KLCI," Wahid said at a media briefing on PNB's 3Q performance.

According to Wahid, PNB's wholly-owned subsidiary Amanah Saham Nasional Bhd's (ASNB) unit trust funds has more than 13 million accounts, with almost 217 billion units in circulation.