KUALA LUMPUR, Nov 26 – Malayan Banking Bhd’s (Maybank) pre-tax profit for the nine months ended Sept 30, 2014 rose by 1.7 per cent from a year earlier to RM6.68 billion from RM6.57 billion previously. In a statement Wednesday, Maybank, South-East Asia’s fourth largest bank by assets, said the higher net fund-based income, lower overheads and lower impairment losses were mostly offset by lower fee-based income.

Revenue rose to RM26.05 billion from RM24.98 billion in the same period a year before. For the third quarter ended Sept 30, 2014, pre-tax profit fell to RM2.23 billion compared with RM2.35 billion a year earlier, while revenue rose to RM8.93 billion from RM8.28 billion. Maybank chairman, Tan Sri Megat Zaharuddin Megat Mohd Nor, said the group managed to maintain its performance at a relatively steady level, with the third quarter registering the highest net profit among the other quarters of 2014.

“We are hopeful that these will turn around in 2015 and we remain prepared to tap into the anticipated pick-up in business opportunities then,” he said. Meanwhile, group president/chief executive officer, Datuk Abdul Farid Alias, said that the nine-month results were a challenging period for financial institutions in Malaysia to find growth.

“We made some investments for our future and will continue to follow this strategy for the remainder of the year, while preparing for 2015,” he said. For the nine months, net fund-based income came in 7.4 per cent higher at RM9.48 billion but net fee-based income was 20.9 per cent lower at RM3.97 billion. Group loans picked up pace, rising 14.3 per cent year-on-year during the nine months.

Maybank’s Malaysian operations continued to account for the major portion of the group’s earnings, contributing 64.3 per cent of its net income, and 72.7 per cent of pre-tax profit for the nine months. The group’s Islamic banking business registered a 22 per cent rise in total income to RM2.47 billion. Etiqa’s Insurance and Takaful continued to remain the market leader in the general and general takaful business while it was ranked fourth in the life and family segment.

Businesses News

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.