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PETALING JAYA: The going gets tough for the Employees Provident Fund’s majority-owned Malaysia Building Society Bhd (MBSB), as the bank provisions for higher expected credit losses (ECL) amid a subdued loan growth in the first quarter of financial year 2019 (1Q19).
KUALA LUMPUR: Malaysia Building Society Bhd (MBSB) posted lower net profit of RM83.83mil in the first quarter ended March 31, 2019 due to higher expected credit losses (ECL).
With the deadline looming closer, banks are busy upgrading their sySTEMs and processes to meet the new standard on loan impairment under MFRS 9 which involves higher provisions that could take a toll on their earnings.