MBSB reports net profit of RM59mil in 3Q

KUALA LUMPUR: Malaysia Building Society Bhd (MBSB) posted a profit after tax and zakat of RM58.96mil in the third quarter ended Sept 30 compared with a net loss of RM104.6mil in the same quarter last year.

The bank’s revenue for the quarter fell 3.9% to RM654.64mil against RM681.05mil a year ago while its earnings per share stood at 0.82 sen from a loss per share of 1.49 sen.

MBSB’s total assets stood at RM51.91bil in 3Q22, an improvement of 2.08% compared to RM50.85bil posted in 2Q22 mainly due to growth in financing assets.

Its deposits increased to RM34.22bil in 3Q22, an increase of 3.78% from RM32.99bil in the preceding quarter.

The group’s cost-to-income ratio (CIR) increased by 2.32% to 38.82% in 3Q22 from 36.50% in 2Q22 while return on equity (ROE) declined by 0.64% to 4.01% (3Q22) compared to 4.65% (2Q22).

In the first nine months to Sept 30, MBSB posted a net profit of RM259.5mil, or 3.62 sen, down 28.4% from RM362.2mil, or 5.17 sen while revenue fell 2.5% to RM1.97bil against RM2.03bil last year.

“Moving forward, MBSB will be focusing on increasing its overall financing growth to drive its asset base and lower its COF via CASA growth in order to enhance profitability,” group chief executive officer Datuk Nor Azam M. Taib said in a statement.

On the consumer side, MBSB is seeing a higher demand in property financing in the first nine months of 2022.

“MBSB is also targeting to grow its corporate portfolio, focusing on large corporations including Government-linked companies and multi-national corporations.

“Having a significant green portfolio is also a long-term strategy for MBSB. We aim to achieve about 20-25% of green financing from the corporate portfolio by 2030. We will also prioritise SME financing and support them to adopt low carbon practices byestablishingSME Business Centres in key regions nationwide,” Nor Azam said.

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