Maybank shows higher pre-tax profit

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Maybank shows higher pre-tax profit

Maybank shows higher pre-tax profit

Monday, November 14, 2011
  • bank
Asset quality has also improved.

KUALA LUMPUR: Malayan Banking Berhad's (Maybank) pre-tax profit for the three-month period ended September 30 rose to RM1.76 billion from RM1.40 billion in the same period last year.


Its revenue rose to RM6.07 billion from RM5.002 billion previously, the bank said in a statement Monday.


Maybank had on July 11 announced the change in financial year-end from June 30 to Dec 31. The first new financial year will end on Dec 31, with a shorter six-month period from July 1 to Dec 31, 2011.


The bank said the improved performance was boosted by improvement in asset quality and better bad debt recovery mainly from corporate banking, business banking and small and medium enterprises and Singapore operations.


Maybank's president/chief executive officer Datuk Seri Abdul Wahid Omar said the bank had a good start this quarter as its business segments continued to record strong growth in revenue and business generation.


"The emphasis on customer service and product differentiation is clearly helping us strengthen our leadership and expand into new market segment.


"While we remain cautious of possible impact from any weakening in external demand and will be vigilant in our monitoring, we are cognizant of areas where growth remains strong and will responsibly pursue building market share in these areas," he said.


Maybank said group loans continued to grow at a steady pace, expanding 17.6 per cent on a annualised basis.


"Overseas loans surged 41.4 per cent, led by Singapore (41 per cent) and Indonesia (26.6 per cent)," it said.


On local operations, the bank said community financial services led loans growth with 9.4 per cent while global wholesale banking recorded 3.2 per cent.


Maybank Islamic continued to register solid financing growth with a rise of 24 per cent, it said.