KUALA LUMPUR, Nov 29 — Malaysia Building Society Bhd (MBSB) recorded a net loss of RM104.6 million in the third quarter ended Sept 30, 2021 (Q3 FY2021) against a net profit of RM258.2 million in the same period last year.
Revenue eased to RM681 million from RM765.6 million previously.
In a filing with Bursa Malaysia today, it said the loss in the current quarter was mainly due to a higher net allowance for impairment charged on the corporate portfolio.
It said the company also recorded a higher loss on modification of cash flows for Q3 FY2021 following the granting of moratoriums to retail customers under the National People’s Well-Being and Economic Recovery Package (PEMULIH) announced by the government.
On prospects, MBSB said it would continue to focus its businesses in selected sustainable sectors and drive greater growth and adoption of emerging technologies amid the need to remain cautious.
“Various new measures and extended moratorium following the prolonged Covid-19 pandemic are expected to impact profitability for the year.
“Constant monitoring of customer collections and risks are imperative to ensure sustained profits,” it said.
In a separate statement, acting chief executive officer Datuk Nor Azam M Taib said MBSB’s main subsidiary, MBSB Bank Bhd, continued to assist its customers who are in need of financial support.
“We began receiving applications for Financial Management and Resilience Programme (URUS) since November 15, 2021 and we strongly encourage those who are seeking financial relief to contact us or apply for URUS on our website,” he added. — Bernama
