26-05-2025
MBSB 1Q net profit up 8.1% to RM84.67mil, new opportunities from MIDF integration
KUALA LUMPUR: MBSB Bhd has posted a higher net profit of RM84.67 million in the first quarter ended March 31, 2025 (1Q FY2025), an 8.1 per cent increase against 1Q FY2024's RM78.34 million, supported by higher net funded income and lower impairment provisions.
Revenue was 2.8 per cent lower at RM868.02 million from RM893.45 million previously, the group said in a Bursa Malaysia filing today.
"The lower revenue is mainly due to lower profit income for loans, financing and advances. The impairment allowance for the quarter was RM28.1 million, contributed by additional provisioning for retail portfolios,' it said.
In a separate statement, MBSB said total gross financing remained consistent at RM42.6 billion because the group had maintained a disciplined financing posture in line with prevailing market dynamics.
Meanwhile, its current and savings account ratio improved to 9.26 per cent, with a RM700 million increase in balances over the year, particularly from commercial and corporate clients.
Group chief executive officer Rafe Haneef said the integration with MIDF has opened up new capabilities and created opportunities to reach a broader customer base.
He said MBSB's priorities for the remainder of 2025 include enhancing small and medium enterprise propositions, expanding digital touchpoints, and improving customer experience.
"With transformation initiatives underway, the group remains focused on long-term sustainability and building a more agile, customer-focused organisation,' he added. - Bernama
