Friday 29 Mar 2024
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KUALA LUMPUR (Feb 22): Malaysia Building Society Bhd (MBSB) reported a fourth quarter net profit of RM45.64 million versus a net loss of RM15.81 million a year earlier on higher Islamic financing income and lower bad loan allowance.

In statements to Bursa Malaysia today, MBSB said revenue, however, fell to RM819.4 million in the fourth quarter ended Dec 31, 2016 from RM825.69 million.

MBSB's income statement showed that Islamic financing net income rose to RM304.74 million from RM272.18 million. Bad loan allowance fell to RM168.86 million from RM266.09 million.

For the full year, MBSB said net profit dropped to RM201.41 million from RM257.59 million a year earlier. However, revenue was higher at RM3.27 billion compared to RM3.05 billion.

MBSB said it planned to pay a single-tier final dividend of three sen a share for the year. The group said the dividend needs shareholders' approval.

Looking ahead, MBSB said the corporate segment would be a crucial for the financial services provider's growth.

"The group will focus on continued expansion of corporate business segment as it has shown positive contribution in 2016, in terms of growth in corporate portfolio assets and earnings. The group will continue to strengthen, adapt and sustain its corporate and retail business activities including collection efforts to compete in the challenging environment.

"These activities include continued improvement in compliant operational workflows, efficient workflows and enhancing assets quality based on risk management and credit frameworks. Barring any unforeseen circumstances, the group expects its performance for 2017 to be satisfactory," MBSB said.

 

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