MBSB made a loss in Q1 due to higher impairment charges

KUALA LUMPUR: Malaysia Building Society Bhd (MBSB) made a loss in the first quarter ended March 31 after it raised provisions for potential loan loss amid the Covid-19 uncertainties.

"Despite registering an improvement in revenue for year-on-year growth (y-o-y), the Group recorded a net loss after tax of RM73.25mil following a high allowance for impairment charges on loans, financing and advances due to an increase in Stage 2 and Stage 3 financing during the quarter," MBSB said in a statement today,

"As a result, the net allowance for impairment charges for 1Q20 amounted to RM291.78mil," it added.