KUALA LUMPUR, Feb. 25 -- Investment corporation Malaysia Building Society Berhad (MBSB) has reported a net profit of RM269.32 million for the fiscal year end of 2020 (FYE20) dropping by over half compared to its profits at the end of 2019.

Its FYE19 net profit stood at RM716.90 million, making the decline in net profit for 2020 at 62.43 per cent or RM447.58 million. The decline has been attributed to higher impairment losses and modification loss as a result of the loan financing moratorium granted to customers in 2020.

Similarly, MBSB's Profit Before Tax (PBT) was registered at RM427.64 million in FYE20, in comparison to the RM897.43 million in FYE19, making it a drop by 52.35 per cent or RM469.79 million.

The group's total assets fel...