KUALA LUMPUR (Nov 26): MBSB Bhd (KL:MBSB), the holding company of MBSB Bank Bhd and Malaysian Industrial Development Finance Bhd (MIDF), posted a threefold jump in net profit for the third quarter due to the consolidation of MIDF into the group, following the completion of the merger in October 2023.

Net profit for the quarter ended Sept 30, 2024 (3QFY2024) surged 271.75% to RM122.08 million from RM32.84 million in the same quarter last year, according to the group’s bourse filing on Tuesday.

Quarterly revenue rose 26.98% to RM947.5 million from RM746.2 million, mainly due to increased financing income and contribution from the integration of MIDF into the group.

Total impairment was 57.1% lower at RM42.2 million versus RM98.51 million in 3QFY2023.

No dividend was declared for the quarter.

For the nine months ended Sept 30 (9MFY2024), net profit rose 33.88% to RM255.26 million from RM190.66 million in the same period last year, as revenue increased 31.96% to RM2.8 billion from RM2.12 billion.

On its prospects, MBSB reiterated its FLIGHT26 strategy built around four objectives: increasing its current account savings account ratio, expanding financing, boosting non-funded income, optimising the cost-to-income ratio, and enhancing return on equity.

Shares in MBSB ended unchanged at 72.5 sen on Tuesday, giving it a market capitalisation of RM5.96 billion.