By Samantha Joseph
Malayan Banking (Maybank) reported a 9% growth in earnings for the second quarter ending June 30. Total net profit was RM1.57 billion, up from RM1.44 billion a year ago. Revenue went up from RM7.93 billion to RM8.68 billion, representing a 9.5% rise quarter-on-quarter.
For the first half of the year, Maybank’s net profit rose to RM3.07 billion, up 10.4% from RM2.78 billion year-on-year.
Steady loans growth of 9.1%, an increase in fee income and an a higher revenue growth across all business sectors was credited with the bettered performance.
A healthy investment portfolio with higher trading income particularly from Maybank Kim Eng’s record brokerage revenues in Thailand, boosted fee income by 8%, and fund-based income went up by 8.2% y-o-y.
(From left): Maybank president & CEO Abdul Farid Alias, chairman, Megat Zaharuddin Megat Mohd Nor and group chief financial officer Mohamed Rafique Merican
Maybank saw deposits rise 14.6% annually, with Malaysian operations rising 12.7% and international operations rising at an even faster pace at 18.2%. The swift increase was buoyed by Singapore and Indonesia posting a 27.1% and 12% rise respectively.
Net impaired loans improved from 1.28% a year ago to 1.09% as at 30 June 2013.
Maybank’s international operations reported a 1.8% growth to RM2.62 billion, with Bank Internasional Indonesia chalking a 15% rise in profit after tax and minority interests, Singapore operations up by 7.5%, and Maybank Philippines seeing a 21.6% rise in profits.
“Our aim moving forward is to target growth areas that can provide us greater earnings upside, while at the same time, accelerate our transformation programme for the future, particularly in key overseas markets.
Another major focus will be our intention to develop Maybank Group’s strategies and priorities for the next phase of growth that will take us beyond 2015,” newly-minted Maybank CEO Abdul Farid Alias said on Wednesday.
You must be logged in to post a comment.