KUALA LUMPUR: MALAYAN BANKING BHD [] (Maybank) expects 40% of its profit to come from international business by 2015 from 21% currently, president and chief executive officer Datuk Seri Abdul Wahid Omar said on Wednesday, Sept 29.
According to him, bulk of the profit will come from operations in Singapore and Indonesia, which contributed RM818 million and RM238 million in profit
respectively in the last financial year.
"We will focus on key sectors such as car loans in Singapore and shipping in Indonesia," he told reporters after the bank's annual general meeting here.
Abdul Wahid said Maybank will expand its branch network in Indonesia to 450 from 290 in order to capture growth and better serve customers.
"Recovering regional economies are expected to spur demand with loan growth of 12% in Malaysia, 24% at Bank Internasional Indonesia and 5% in Singapore," he said.
Maybank recorded a higher pre-tax profit of RM5.37 billion for its financial year ended June 30, 2010, compared to RM1.67 billion in the previous year.
Its revenue rose 22.4% to RM12.87 billion from RM10.5 billion previously.
Abdul Wahid said Maybank also aimed to become a regional leader in Islamic banking by 2015.
The bank is converting its PT Bank Maybank Indocorp (BMI) in Indonesia into a full Islamic bank and rebranded Maybank Syariah Indonesia to market Islamic banking products and services, he said.
Maybank also planned to convert its representative office in Beijing into a branch to add to its existing branch in Shanghai, Abdul Wahid said.
"If permitted, we want to open more branches in China in order to support Asean-China business and be able to serve our customers from Malaysia, Singapore and Indonesia," he said.
Abdul Wahid also said that Maybank's share price rose 28.1 per cent during financial year 2010 and 46.1 per cent from June 30, 2009, to date.
This, he said, showed a sharp increase in local and foreign investors' optimism towards the bank. -- Bernama
According to him, bulk of the profit will come from operations in Singapore and Indonesia, which contributed RM818 million and RM238 million in profit
respectively in the last financial year.
"We will focus on key sectors such as car loans in Singapore and shipping in Indonesia," he told reporters after the bank's annual general meeting here.
Abdul Wahid said Maybank will expand its branch network in Indonesia to 450 from 290 in order to capture growth and better serve customers.
"Recovering regional economies are expected to spur demand with loan growth of 12% in Malaysia, 24% at Bank Internasional Indonesia and 5% in Singapore," he said.
Maybank recorded a higher pre-tax profit of RM5.37 billion for its financial year ended June 30, 2010, compared to RM1.67 billion in the previous year.
Its revenue rose 22.4% to RM12.87 billion from RM10.5 billion previously.
Abdul Wahid said Maybank also aimed to become a regional leader in Islamic banking by 2015.
The bank is converting its PT Bank Maybank Indocorp (BMI) in Indonesia into a full Islamic bank and rebranded Maybank Syariah Indonesia to market Islamic banking products and services, he said.
Maybank also planned to convert its representative office in Beijing into a branch to add to its existing branch in Shanghai, Abdul Wahid said.
"If permitted, we want to open more branches in China in order to support Asean-China business and be able to serve our customers from Malaysia, Singapore and Indonesia," he said.
Abdul Wahid also said that Maybank's share price rose 28.1 per cent during financial year 2010 and 46.1 per cent from June 30, 2009, to date.
This, he said, showed a sharp increase in local and foreign investors' optimism towards the bank. -- Bernama
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