KUALA LUMPUR: Malaysia Building Society Bhd’s (MBSB) net profit for the third quarter ended Sept 30, 2023 (3Q FY2023) fell to RM32.84 million from RM58.96 million last year.

Revenue for the quarter under review rose to RM746.20 million from RM654.64 million previously, amid higher customer deposits.

Its net profit on a nine-month basis fell to RM190.66 million from RM259.46 million while revenue rose to RM2.12 billion from RM1.98 billion over the same period a year ago.

“The group’s total deposits grew by 13.2 per cent year-on-year mainly due to an increase in term deposits,” the group said in a separate statement.

“Its CASA (current account savings accounts) ratio improved to 6 per cent driven by targeted CASA campaigns launched this year,” the group said.

MBSB told Bursa that its business strategy for the coming year will focus more on strengthening its core retail segment while targeting a wider group of commercial customers to facilitate financing growth. – Bernama