Monday, November 14, 2011

Maybank quarterly net profit up 25.1% to RM1.286b

KUALA LUMPUR (Nov 14): MALAYAN BANKING BHD [] net profit for the three months ended Sept 30, 2011 rose 25.1% to RM1.286 billion from RM1.028 billion a year earlier.

The banking group said on Monday, Nov 14 that its revenue for the quarter rose to RM6.07 billion from RM5 billion in 2010.

Earnings per share was 17.20 sen compared to 14.53 sen in 2010, while net assets per share was RM4.41.

Maybank had on July 11 this year announced the change of its financial year end from June 30 to Dec 31.

The first new financial year would end on Dec 31, 2011 with a shorter 6-month period from July 1, 2011 to Dec 31, 2011.

Reviewing its performance, Maybank said its net interest income for the period under review rose 5.6% or by RM99.1 million due mainly to growth in its loans and advances (excluding Islamic finance) of 17.8%.

It said income from Islamic Banking operations continued to grow, rising by 52.7% to RM516.3 million, on the back of growth in financing and advances of RM2 billion.

Maybank said net income from insurance business rose 11.2% to RM96.5 million due to higher takaful revenue account.

It said non interest income rose 28.1% to RM1.22 billion, while brokerage income rose by RM132.8 million.

On its outlook, Maybank said the loans growth in Malaysia was expected to be mainly driven by the rollout of the Economic Transformation Programme projects and domestic consumption.

It said credit demand in Singapore was anticipated to moderate with growth remaining broad based, while in Indonesia strong loans growth was expected to be sustained due to robust domestic demand.

'With continued pressure on narrowing margins, the group will continue to be selective in pursuing loans growth and will focus on sustaining asset quality through sound credit risk management policies and practices,' it said.

Maybank said that barring unforeseen circumstances, it expected to record better performance for the financial period ending Dec 31, 2011.

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