MBSB keeps to standards practised by best of banks

PETALING JAYA: Since the beginning of last year, Malaysia Building Society Bhd (MBSB) had already been assessing the company’s non-performing loans (NPLs) based on the industry standards of three months in arrears, something that is practised by the best of commercial banks.

An official close to the company said MBSB, which used to come under a more relaxed set of provisioning rules until the Financial Services Act that came into effect in July 2013, has been adopting the more stringent accounting standards under FRS 139 when assessing the asset quality.