Wednesday, August 24, 2011

Maybank extends gains on strong earnings

KUALA LUMPUR: MALAYAN BANKING BHD []'s shares extended their gains on Wednesday, Aug 24 after the bank's earnings rose 26.5% to RM1.15 billion in the fourth quarter ended June 30, 2011 from RM912.47 million a year ago.

At 10.40am, Maybank rose 11 sen to RM8.81 with 1.79 million shares traded.

Maybank had proposed a dividend of 32 sen per share, lower than the 44 sen a year earlier.

The bank said on Monday that its financial performance was boosted by income from its Islamic banking and also its insurance business also also lower allowance for losses on loans, advances and financing

Maybank's revenue for the quarter increased by 20.9% to RM5.72 billion from RM4.73 billion. Earnings per share were 15.54 sen versus 12.89 sen a year ago.

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