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BUSINESS

MBSB posts lower net profit of RM142.29 mln in Q2 2022

25/08/2022 07:48 PM

KUALA LUMPUR, Aug 25 (Bernama) -- Malaysia Building Society Bhd (MBSB) posted a lower net profit of RM142.29 million in the second quarter ended June 30, 2022 (Q2 2022) from RM403.41 million in the same period last year. 

Revenue fell to RM656.27 million from RM664.94 million previously, it said in a filing with Bursa Malaysia today.

It said the group recorded higher operating expenses compared to Q2 2021, mainly because of the increase in personnel expenses and establishment costs such as depreciation of the new headquarters and higher software or hardware maintenances.

Its total loans, advances and financing grew by 1.8 per cent to RM36.8 billion as at June 30, 2022, contributed mainly by growth in property financing in consumer segment and trade business in corporate segment, while total deposits stood at RM33.0 billion.

Moving forward, MBSB said the group would focus on executing and delivering on its commitment to shareholders as aligned to its Journey 2025 Roadmap.

“MBSB is targeting to improve its presence in the financial sector on the back of an improving financing environment as evidenced by robust growth in Malaysia’s Gross Domestic Product (GDP) in Q2 2022,” it said. 

The group said it would be completing the implementation of the sustainability framework goals, initiatives and targets by the end of 2023, while developing in-house capability for financed emissions calculations and internalising climate risk stress testing.

-- BERNAMA



 


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