KUALA LUMPUR (Feb 27): MBSB Bhd’s net profit for the fourth quarter fell 49.69% due to the absence of a one-off gain of RM354.4 million from the acquisition of Malaysian Industrial Development Finance Bhd (MIDF).

Recall that MBSB had in October 2023 completed its acquisition of MIDF from Permodalan Nasional Bhd for RM1.01 billion.

The lender reported a net profit of RM151.45 million for 4QFY2024, down from RM301.15 million in the same period a year earlier.

The decline was also attributed to higher tax expenses of RM68.47 million, compared to a tax credit of RM9.44 million in 4QFY2023, as well as a threefold surge in operating costs to RM25.45 million from RM6.48 million, MBSB said in its bourse filing.

This was despite a 29.65% increase in quarterly revenue to RM905.01 million from RM698.05 million, driven mainly by higher profit income from financing and advances.

No dividend was declared for the quarter under review.

For the full FY2024, MBSB’s net profit declined 17.28% to RM406.78 million from RM491.81 million in FY2023, despite a 31.38% increase in revenue to RM3.71 billion from RM2.82 billion.

MBSB said its 2025 business plan will be guided by the “FLIGHT26” strategy which was introduced early last year. The three-year strategy focuses on optimising four key areas: cost of funds, financing growth, operating expenditure and increasing the proportion of fee-based income.

The group aims to enhance customer service and value proposition through new products, digital channels and an improved customer experience, it added.

Shares of MBSB closed unchanged at 72 sen on Thursday, valuing the group at RM5.92 billion.