MBSB profit after tax increases to RM438m for FY2021

·2-min read
Malay Mail
Malay Mail

KUALA LUMPUR, June 9 ― Malaysia Building Society Bhd (MBSB) posted a higher profit after tax of RM438.7 million in 2021 compared to 2020’s RM269.3 million, a 62.9 per cent increase between the corresponding periods.

The group however recorded a decline in revenues of 16.6 per cent to RM2.6 billion in 2021 compared to RM3.2 billion in 2020 and have declared a dividend of 3.0 sen per share for 2021 which amounted to RM215.1 million.

Acting chief executive officer Datuk Nor Azam M. Taib said the group aims to enhance their main subsidiary, MBSB bank, by broadening their products and services whilst keeping in line with the latest technologies and digital capabilities.

He said MBSB Bank’s roadmap Journey 2025 (J25) aims to make them a top progressive Islamic bank in Malaysia by generating new revenue and enhancing existing business.

“We remain focused on digital innovation and improved business processes through new and enhanced products and services, for instance, we have recently launched e-KYc and our virtual branch which will significantly benefit our customers as they can perform transactions seamlessly online,” he said in a statement.

“We are generating new revenue streams in order to accelerate our growth, which will be undertaken by way of product differentiation and customised solutions,” he added.

In addition Nor Azam said they are developing a sustainability framework with a guided and holistic approach to identifying, measuring, managing and reporting Environment, Social and Government (ESG) risks and opportunities.

“We are progressing to adopt sustainability initiatives within the workplace among our employees.

“We have commenced with the development of a sustainability framework to guide and drive strategic management and reporting of sustainability plans and initiatives and embed sustainability governance and policies within the operations of the group.

“We target our green financing disbursement to hit RM700 million by 2025,” he added.

Apart from that MBSB Common Equity Tier 1 (CET 1) and total capital ratio strengthened to 21.5 per cent and 26.0 per cent respectively, compared to 20.8 per cent and 25.1 per cent in 2020.

Their liquidity position remains strong with a liquidity coverage ratio of 234.7 per cent as opposed to 203.1 per cent in 2020.

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