Snippets
Maybank’s Q3 net profit up 12.9%
Ho Chung Teng 30 Nov 2017 16:52
Malayan Banking Bhd’s (Maybank) net profit for the third quarter ended Sept 30 rose 12.89% to RM2.02 bil, from RM1.79 bil a year earlier. Malaysia’s largest bank attributes the better performance to improvement in its net interest income and Islamic banking income.

For the nine-month period, net profit surged 23% to RM5.38 bil, from RM4.38 bil in the previous corresponding period, as the bank benefited from the improving economic climate across the region. Maybank attributes the earnings growth to higher net fund-based income, as well as a 25.2% decline in net impairment losses.

In a press statement, Maybank chairman Datuk Mohaiyani Shamsudin says the improved results demonstrated the bank has been able to sustain its growth momentum across its business lines as well as home markets in the last nine months.

“The outlook for the remaining months appears to be improving, giving us the opportunity to seek new growth segments. We will, nevertheless, continue to manage our business prudently, ensuring that we grow responsibly while managing costs and risks in a highly disciplined manner,” he adds.

Group president and CEO Datuk Abdul Farid Alias says Maybank is not seeing a pickup in business and loan growth and market sentiments, which it intends to leverage further in the coming months.

“In the midst of this more positive outlook, we are conscious of the heightening pressure on interest margins owing to the increasing cost of funds. While we remain focused on building our core franchise for the long term, we will ensure that we price our assets and liabilities appropriately to ensure continued profitability,” he adds.