Maybank 2Q net profit up 35.3% to RM993.5m

Maybank 2Q net profit up 35.3% to RM993.5m
Written by Yong Yen Nie
Tuesday, 09 February 2010 18:35
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KUALA LUMPUR: MALAYAN BANKING BHD [] posted a strong second quarter net profit of RM993.50 million, up 35.3% from the RM734.56 million a year ago on improved loan volume and it declared an interim dividend of 11 sen per share.

Revenue was marginally lower by 1.22% at RM4.67 billion from RM4.73 billion a year ago. Earnings per share were 14.04 sen compared with 13.35 sen, the bank said in a statement issued on Tuesday, Feb 9.

According to its financial statements, the higher earnings were due to

• higher non-interest income (RM1.22 billion vs RM832.18 million a year ago), 
• lower allowances for losses on loans, advances and financing (RM243.55 million vs RM321.1 million) and 
• lower impairment losses on securities, net (RM9.83 million vs RM22.56 million).

For the six months, Maybank's net profit rose 43.5pct to a record of RM1.88 billion underpinned by higher revenue of RM9.23 billion from RM8.46 billion a year earlier.

Commenting on the half year financial results, Maybank president and chief executive officer Datuk Seri Abdul Wahid Omar said the banking group was especially pleased with the performance seen at its international operations, particularly Singapore and Indonesia.

"We have set our sights for more dynamic growth in the years ahead and are confident of exceeding our key targets set for the year," he said.

http://www.theedgemalaysia.com/business-news/159434-flash-maybank-2q-net-profit-up-353-to-rm9935m.html