MBSB Posts Higher 3Q Net Profit Of RM122.08 Mln

KUALA LUMPUR, Nov 26 (Bernama) -- MBSB Bhd posted a higher net profit of RM122.08 million in the third quarter ended Sept 30, 2024 (3Q 2024), compared to RM32.84 million in the same period last year.

In a filing with Bursa Malaysia today, it said revenue improved to RM947.50 million from RM746.20 million previously due to increased financing income and contributions from Malaysian Industrial Development Finance Bhd (MIDF) integration.

For the first nine months of its financial year ending Dec 31, 2024 (9M 2024), its net profit grew to RM255.26 million compared to RM190.66 million in 9M 2023, while revenue rose to RM2.80 billion in 9M 2024 versus RM2.12 billion previously.

“This growth (in revenue) was driven by a combination of funded and non-funded income, (whereby) funded income reached RM1.1 billion, an increase of RM298 million from the previous year, supported by higher financing income and treasury income.

“Meanwhile, non-funded income saw a significant rise to RM145 million, up from RM37 million, attributed to improvements in advisory services, fee income, gain on financial investments and contributions from MIDF,” it said.

On the outlook, MBSB looks forward to its “Flight26” strategy, which focuses on increasing the current account savings account, expanding financing, boosting non-funded income, optimising the cost-to-income ratio, and enhancing return on equity.

Group chief executive officer Rafe Haneef said the growth in revenue and profitability shows that their focus on optimising the balance sheet and managing costs is on the right track.

“Moving forward, we aim to build on this momentum, ensuring that we stay true to our commitment of offering innovative, customer-centric financial solutions while maintaining strong fundamentals,” he said.

-- BERNAMA