MBSB net profit climbs to RM170mil in Q3

  • Banking
  • Wednesday, 20 Nov 2019

KUALA LUMPUR (Bernama) -- Malaysia Building Society Bhd (MBSB)’s net profit for the third quarter ended Sept 30, 2019 increased to RM170.16mil from RM121.96mil recorded in the same quarter last year.

Revenue rose to RM813.92mil from RM786.41mil previously, the group said in a filing to Bursa Malaysia today.

It said the higher profit was due to lower operating cost while better revenue was driven by the subsidiary, MBSB Bank’s corporate financing income, treasury income and retail financing income.

In a separate filing, MBSB said that its wholly-owned subsidiary, MBSB Bank Bhd is establishing a sukuk programme of up to RM10bil in nominal value under the Shariah principle of Wakalah Bi Al-Istithmar for the issuance of Senior sukuk wakalah and/or Tier-2 sukuk wakalah and/or Additional Tier-1 capital sukuk wakalah.

"The proposed Sukuk Wakalah Programme was lodged with the Securities Commission Malaysia (SC) today in accordance with the SC’s Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework (effective 15 June 2015),” it said.

MBSB said the proceeds from the issuance of the Sukuk Wakalah would be utilised by MBSB Bank for its Shariah-compliant general banking purposes and to refinance its outstanding capital instruments.

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