MBSB RECORDS RM258 MLN NET PROFIT IN Q3

KUALA LUMPUR, Nov 30 -- Malaysia Buildings Society Bhd’s (MBSB) net profit rose to RM258.24 million in the third quarter ended Sept 30, 2020 (Q3FY20) from RM170.16 million in the same period last year.

Revenue also increased to RM765.57 million from RM751.63 million previously.

In a filing with Bursa Malaysia today, MBSB said the stronger performance was attributed to the improved cost to income ratio to 25 per cent in Q3FY20 from 22.6 per cent in Q3FY19, contributed by higher personnel and establishment expenses.

In a separate statement, MBSB said the company’s year to date revenue also increased by RM165.47 million from the same period last year, mainly contributed by higher income from investment and treasury activities of RM183.54 million.

“However, financing and loan interest income reduced slightly by RM14.84 million from both retail and corporate financing and loan due to the lower disbursement made for the year and reductions in overnight policy rates (OPR),” it said.

On outlook for next year, president and chief executive officer Datuk Seri Ahmad Zaini Othman said the bank acknowledges the cautious sentiment by both retail and corporate segments due to looming economic uncertainties.

“Nevertheless, these sentiments may improve as we are encouraged by the expectations of progress on the economic recovery, coupled with the implementation of Budget 2021 that shall provide a major relief to the B40 and M40 segments.

“In the meantime, we continue to support our customers who are experiencing financial setbacks due to the pandemic and as at Sept 30, 2020, we have assisted over seven thousand applicants with various assistance programmes,” added.

-- BERNAMA