Malaysia Building Society Berhad announced its financial performance for the third quarter ended 30 September 2022 where it saw an improvement in its Profit After Tax and Zakat (‘PAT’) on a year-on-year (y-o-y) basis registering a profit at RM58.96 million for 3Q22 against Loss After Tax of RM104.38 million during the same corresponding period of last year.
The Group’s nine month PAT was RM259.46 million, lower than the RM362.32 million registered in the nine months of 2021.
On a quarterly basis, The Group’s PAT registered at RM58.96 million (3Q22) which is 58.57% lower compared to RM142.30 million (2Q22). The Group’s total assets stood at RM51.91 billion (3Q22), an improvement of 2.08% compared to RM50.85
billion (2Q22) mainly due to growth in financing assets. Deposits increased to RM34.22 billion (3Q22), an increase of 3.78% from RM32.99 billion (2Q22).
Group Chief Executive Officer, Datuk Nor Azam M. Taib said, “Moving forward, MBSB will be focusing on increasing its overall financing growth to drive its asset base and lower its COF via CASA growth in order to enhance profitability. On the consumer side, the Group is seeing a higher demand for property financing in the first nine months of 2022. MBSB is also targeting to grow its corporate portfolio, focusing on large corporations including Government-linked companies and multi-national corporations.”
The Group’s Cost to Income Ratio (‘CIR’) increased by 2.32% to 38.82% (3Q22) from 36.50% (2Q22) while Return on Equity (‘ROE’) declined by 0.64% to 4.01% (3Q22) compared to 4.65% (2Q22). Capital Ratio Common Equity Tier -1 (CET-1) is at 20.46% in (3Q22) compared to 20.31% (2Q22).
