Mbsb 2023 Net Profit Up 7 Pct To Rm491.81 Mln

KUALA LUMPUR, Feb 27 (Bernama) -- Malaysia Building Society Bhd's (MBSB) net profit rose 7.0 per cent to RM491.81 million in the financial year ended Dec 31, 2023 (FY2023) versus RM460.19 million a year ago. 

Revenue increased to RM2.82 billion compared with RM2.69 billion previously, it said in a Bursa Malaysia filing.

In a separate statement, the bank said its customer deposits increased by 30.58 per cent, or RM11.16 billion, to RM47.62 billion year-on-year (y-o-y). The group’s total assets stood at RM66.66 billion as at Dec 31, 2023, a 21.3 per cent rise y-o-y.

Group chief executive officer Rafe Haneef said the group made progress by growing its financing by 9.0 per cent to RM42.04 billion in 2023 mainly contributed by its commercial and retail businesses.

"We plan to focus on expanding current account savings account (CASA), financing base, non-funded income and optimising cost. 

"We have established a set of transformative programmes to run for three years designed towards achieving these missions, and ultimately improve our return of equity," he said. 

The bank's CASA ratio stood at 7.06 per cent in FY2023 versus 6.22 per cent in FY2022, attributed to its corporate customers and small and medium enterprises. 

Term deposits grew by 34.68 per cent, or RM9.28 billion, in FY2023 while its Common Equity Tier remains stable at 19.91 per cent. 

As at Dec 31, 2023, its ROE stood at 5.23 per cent and liquidity coverage ratio at 183.56 per cent. 

-- BERNAMA