KUALA LUMPUR (April 8): Malaysian Building Society Bhd (MBSB) has proposed a single-tier final dividend of 5 sen a share for the financial year ended Dec 31, 2018 (FY18), which shareholders can choose to reinvest in its entirety under the group's dividend reinvestment plan.

If not reinvested, the sum will be paid out in cash to entitled shareholders. The proposed dividend will need shareholders' approval at the group's upcoming annual general meeting.

In a stock exchange filing, the group said the payout amounts to about RM319.5 million in total, based on the 6.39 billion ordinary shares issued by the group as at Dec 31, 2018.

MBSB reported a full-year net profit of RM642.4 million, up 54% from RM417.13 million in FY17, despite revenue slipping 3% to RM3.15 billion from RM3.26 billion previously, mainly because it recorded lower impairment allowances, which was partly offset by higher operating expenses.

Its shares closed 2.1% or two sen higher at 97 sen, giving the group a market capitalisation of RM6.2 billion.