Maybank net profit up 16.6% to RM1.03 billion

Malayan Bank recorded pre-tax profit up 21.5% to RM1.4 billion with total revenue higher by 4.4% to RM3.21 billion year on year (yoy).

Overall, the Group’s improved results were achieved on the back of higher profit across the key business pillars of Community Financial Services and Global Wholesale Banking’s business segments of Corporate Banking and Global Markets, as well as significantly lower allowance for losses on loans.

Maybank’s Indonesian operations led in loans growth with a robust 30% annualised increase followed by Community Financial Services at 10% and Singapore Operations at 5%.
The Group’s Islamic Banking business also recorded strong financing growth of 25.8% which resulted in profit before tax more than doubling for the quarter. Maybank Islamic remains the largest Islamic bank by assets in the Asia Pacific region.

A 64% rise in profit before tax of Community Financial Services which rose to RM542 million from RM331 million previously. Improved profit before tax by Corporate Banking which saw a 21.5% rise to RM164 million from RM135 million previously
Stronger performance in Islamic Banking where profit before tax and zakat increased 167% to RM195.3 million compared with RM73.1 million previously
Global Market’s 4.4% increase in profit before tax to RM369 million from RM354 million previously improved performance at BII which recorded Rp 84 billion pre-tax profit for the quarter compared to Rp 72 billion in the previous corresponding period.
Higher profit before tax from Maybank Singapore which rose 3.6% to SGD84.1 million from SGD81.2 million previously.