Tuesday, September 27, 2011

Maybank's Wahid sees lower topline growth

KUALA LUMPUR: MALAYAN BANKING BHD [] expects its topline growth to be lower but remain profitable in the current financial year ending Dec 31, given the slower economic developments in the US and Europe.

President and Chief Executive Officer Datuk Seri Abdul Wahid said on Tuesday, Sept 27 the economic slowdown would naturally see the demand for credit tapering down hence resulting in the decline of capital market-related activities.

"From our perspective, the growth in our topline can be expected to be lower than what we have anticipated before (but) having said that, I think banks in Malaysia are very resilient, they have good risk management in place.

"Therefore, whatever is happening in Europe, we don't expect a contagion (effect) on our financial system which is very sound. I think if growth is
lower compared to what is expected, we can still expect to be very profitable," he told reporters after launching Maybank's latest flagship branch in Kota

Abdul Wahid was commenting on whether the bank's current financial year results would be affected by the global economic slowdown.

For easy comparison of group results with other listed companies, Maybank recently changed its June 30 financial year-end to Dec 31.

The country's top financial and banking group recorded a revenue of RM13.4 billion at end-June. - Bernama

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