MBSB’s net profit up 172% on lower cost of funds

EPF chief executive officer Datuk Shahril Ridza Ridzuan said that the non-bank financial provider is working with Bank Negara Malaysia to revamp to bring it up to bank standards and is looking at a solution towards entering into the mainstream market.

PETALING JAYA: Malaysia Building Society Bhd’s (MBSB) net profit rose 171.98% to RM123.98mil in its fourth quarter ended Dec 31, 2017 (4Q17), driven by lower cost of funds and lower allowances for impairment losses on financing, loans and advances. Revenue was almost unchanged at RM818.27mil from RM819.4mil previously.

Thus, its earnings per share (EPS) increased to 2.09 sen from 0.79 sen as of the fourth quarter. The company has proposed a single-tier final dividend of five sen from three sen previously. The payout for this final dividend will amount to RM296.22mil.