Malaysia Building Society Bhd group CEO Datuk Nor Azam M Taib
KUALA LUMPUR: Malaysia Building Society Bhd
(MBSB) is targeting to improve its presence in the financial sector on the back of an improving financing environment.
“MBSB will continue to invest in acquiring the best talent and latest technology to accelerate its digitalisation enhancement in ensuring the needs of its customers are fulfilled.
“The group will be completing the implementation of the sustainability framework goals, initiatives, and targets by end of 2023 while developing in-house capability for financed emissions calculations and internalising climate risk stress testing,” MBSB said in a statement.
It said the group is focused on executing and delivering on its commitment to shareholders as aligned to the Journey 25 (J25) roadmap.
In the second quarter ended June 30, MBSB posted a lower net profit of RM142.29mil against RM403.41mil registered in the same period last year.
Its revenue was marginally lower at RM656.27mil from RM664.94mil a year prior while earnings per share stood at 1.98 sen versus 5.78 sen previously.
The bank’s pretax profit PBT of RM206mil in 2Q was more than double the RM79.2mil achieved in 1Q22).
After accounting for taxation and zakat, the Group’s profit for the period came to RM142.3mil,an increase of 144% from 1Q22.
Group chief executive officer Datuk Nor Azam M. Taib said the increase in 2Q profitability was partly attributable to an improvement in income derived from financing which rose by 1.8% to RM657.5mil, which is a result of the group’s key initiatives to increase its banking presence in both the retail and corporate segments.
“We anticipate positive consumer sentiment, as seen in the recent 2Q22 GDP growth of 8.9% to continue for the year, helping to improve demand for retail and corporate banking services, including SME financing and wealth management products.
“We are strengthening our product offering and improving our digitalisation capabilities, in line with our aim to offer complete and value-added financial services to our customers,” he said in a statement.
As of June 30, the group’s total loans, advances and financing grew by 1.8%to RM36.8bil contributed mainly by growth in property financing in consumer segment and trade business in corporate segment.
Total deposits stood at RM33bil, while CASA was recorded at RM1.6bil, an increase of more than RM1bil due to campaigns to attract depositors over the last one year.
As at June 30, its adequacy ratio continued to remain stable. Its total capital ratio was at 24.8% with common equity tier-1 (CET-1) at 20.3%.
