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Maybank TOLONG u UP UP UP tomorrow, I want to throw MAYBANK CO liao.
Written by Joseph Chin of theedgemalaysia.com
Thursday, 12 May 2011 17:30
KUALA LUMPUR: MALAYAN BANKING BHD [] (Maybank) posted net profit of RM1.14 billion in the third quarter ended March 31, 2011, up 10.8% from the RM1.03 billion a year ago.
It said on Thursday, May 12 that revenue increased by 12% to RM5.13 billion from RM4.58 billion. Earnings per share were 15.6 sen versus 14.56 sen a year ago.
For the nine-month period, its net profit of RM3.295 billion was 13.4% higher than the RM2.905 billion a year ago. Its revenue of RM15.318 billion was 10.8% higher than the RM13.822 billion a year ago.
Maybank said the results were boosted by strong loans growth, increased revenues across almost all business segments of the group and significantly lower allowance for losses on loans which declined by almost half.
Overall loans growth was 17.1%, led by the Indonesian operations (+26.5%), Singapore Operations (+19.3%), other international operations (+22.5%) and the Malaysian operations (+13.8%).
“Within Malaysia, Maybank Islamic led in financing growth with an annualised increase of 31.9% followed by Global Wholesale Banking (+17.7%) and Community Financial Services (+12%),” it said.
Maybank said the improved performance for the nine months were due to a 7.6% increase in net interest income to RM5.36 billion despite a narrowing of the net interest margin to 2.63% as at March 2011 compared with 2.77% in March 2010.
“Higher non-interest income (including income from Islamic and Insurance businesses) which rose 3.0%, led by higher fee income from Islamic operations (+109.7%), investment & trading income (+65.8%), commissions, service charges and fees (+7.3%) and foreign exchange income from customers (+12.7%).
“Significant reduction in allowance for losses on loans which fell 49.8% to RM454.4 million from RM905.5 million previously,” it said.
