MBSB posts lower net profit in Q1 on higher expected credit losses

MBSB president and CEO Datuk Seri Ahmad Zaini Othman said:

KUALA LUMPUR: Malaysia Building Society Bhd (MBSB) posted lower net profit of RM83.83mil in the first quarter ended March 31, 2019 due to higher expected credit losses (ECL). 

MBSB said on Wednesday the net profit slumped from RM316.79mil a year ago. Revenue declined by 3.8% to RM784.04mil from RM815.04mil a year ago. Earnings per share were 1.31 sen compared with 5.33 sen.

Group president and CEO Datuk Seri Ahmad Zaini Othman said: “Despite the on-going challenges including the impact of higher expected credit losses, we are registering stable growths in revenue, net operating income and still maintained a cost to income ratio of 26.34% which is below the industry average."

Main points of Q1 FY19 results: