🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Malayan Banking reports 12% jump in Q3 profit amid lower impairments

EditorPollock Mondal
Published 22/11/2023, 07:10
© Reuters.
MBBM
-

KUALA LUMPUR - Malayan Banking Bhd (Maybank), Malaysia's largest bank by assets, announced a significant 12% year-over-year increase in its third-quarter profits, reaching 2.36 billion ringgit ($507.2 million). The bank attributed this robust performance to a substantial decrease in loan impairment losses and the reversal of previous impairments, which helped counterbalance a fall in net interest income.

In its third consecutive quarter, Maybank experienced an 8.5% reduction in net interest income, which amounted to 3.17 billion ringgit. Despite this decline, the bank managed to enhance its profitability through reduced loan impairments and writebacks on financial instruments. Meanwhile, revenues from Islamic banking operations decreased by 6%, totaling 1.88 billion ringgit.

Maybank is strategically focusing on growth within consumer and business sectors across Southeast Asia, aiming to achieve an annual return on equity between 10.5% and 11%. This expansion drive comes as the bank navigates through the ongoing global economic challenges that are impacting financial institutions worldwide.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.