Maybank 9-month net profit surges to RM5.39b

Improved regional economic climate helps group to sustain growth momentum

MALAYAN Banking Bhd’s (Maybank) net profit for the nine months ended September 30 surged 23 per cent to RM5.39 billion as improved economic climate across the region helped it to sustain growth momentum across all business segments.

Net operating income for the nine months rose 6.8 per cent year-on-year to RM17.29 billion, with growth coming from all sectors, led by group community financial services, which registered a 8.6 per cent rise, group insurance and takaful (2.8 per cent rise), and group global banking (0.9 per cent rise).

For the third quarter, the group posted a 13 per cent increase in net profit to RM2.03 billion from RM1.8 billion a year earlier, while revenue rose to RM11.59 billion from RM11.29 billion on higher net interest and Islamic banking income.

“The results demonstrate that the group has been able to sustain its growth momentum across its business lines as well as home markets in the last nine months.

“The outlook for the remaining months appears to be improving, giving us the opportunity to seek new growth segments,” said Maybank chairman Datuk Mohaiyani Shamsudin in a statement yesterday.

Group gross loans saw a steady expansion, rising 5.3 per cent year-on-year for the nine months to RM485.9 billion, driven by a 6.6 per cent rise in Malaysian operations and 3.7 per cent in international operations.

Deposits expanded 2.7 per cent year-on-year, led mainly by Malaysian operations, which grew 7.5 per cent, and Indonesian operations (three per cent).

The group also preserved its robust liquidity position with a liquidity coverage ratio of 137 per cent from 136 per cent a year earlier, well above Bank Negara Malaysia’s minimum requirement of 80 per cent for this year.

Group president and chief executive officer Datuk Abdul Farid Alias said the bank’s strong franchise and resilient balance sheet enabled it to ride through the challenging last few quarters.

“We are now seeing a pick-up in business and loan growth as well as market sentiments, which we intend to leverage further.”