Malaysia’s Maybank profit up on higher revenue in Q2

Malaysia’s leading bank Maybank has reported a higher net profit underpinned by higher revenue in the second quarter ended on June 30.

Maybank said in a bourse filing on Wednesday that the group’s net profit rose 45.4 percent to 2.34 billion ringgit (500 million U.S. dollars) from 1.61 billion ringgit a year ago.

The group’s revenue for the quarter also jumped 58.1 percent to 16.13 billion ringgit from 10.21 billion ringgit a year ago.

For the first half, the group’s net profit increased by 25.96 percent to 4.6 billion ringgit from 3.66 billion ringgit a year earlier, while its revenue grew 46.62 percent to 31.32 billion ringgit from 21.36 billion ringgit.

Maybank said it remains positive on the outlook in the region, especially its home markets.

Its president and chief executive officer Khairussaleh Ramli said that Maybank’s future aim will be to accelerate its growth momentum while boosting revenue drivers with emphasis on key growth areas.

The group will also improve asset quality and maintain strong liquidity and capital positions to manage potential risks that may arise from changes in the operating environment, Ramli said. (1 ringgit equals 0.22 U.S. dollar) ■

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