MBSB president and CEO Datuk Seri Ahmad Zaini Othman said:
KUALA LUMPUR: Malaysia Building Society Bhd
reported a higher first quarter (Q1) net profit of RM316.79mil for the period ended March 31, 2018, up from RM101.32mil in the previous corresponding quarter.
Revenue also increased to RM815.04mil from RM811.20mil previously.
In filing with Bursa Malaysia today, Group President and Chief Executive Officer Datuk Seri Ahmad Zaini Othman said the improved results were partly due to the write back of RM154mil on the allowance for impairment losses of financing assets following the completion of the impairment programme in the last quarter of 2017.
“This follows the implementation of the Malaysian Financial Reporting Standard 9, effective Jan 1, 2018, which indicated that we actually undertook a highly prudent impairment programme,” he said.
Moving forward, Ahmad Zaini said the bank would continue to build it capabilities following the acquisition of Asian Finance Bhd on Feb 7, 2018.
“We have realigned the group’s business, polices and operations, and will continue to make investments to enhance the information technology infrastructure and delivery channels.
“As a new Islamic banking group in the industry, we look forward to expand its products and services to cater to various segments of our customers and depositors.” he added. - Bernama
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