Maybank profit up 18% YoY
Malayan Banking Bhd (Maybank) - 3Q net profit MYR 1.898bn ($448m), up 18% YoY, due to the growth in the group's gross loans, advances, and financing, despite higher allowances for impairments

KUALA LUMPUR: Malayan Banking Bhd posted a strong set of earnings in the third quarter ended Sept 30, 2015 of RM1.898bil largely due to the growth in the group's gross loans, advances and financing despite higher allowances for impairments.



It said on Thursday its earnings were up 18% from the RM1.608bil a year ago on the back of a strong revenue growth. Top line rose to RM11.38bil from RM8.93bil. Earnings per share were 19.93 sen compared with 17.62 sen.



Net operating income surged 26.7% from a year ago to RM5.75bil aided by an 18.4% rise in net fund based income to RM3.81bil, and a 46.8% increase in net fee based income to RM1.93bil.



Maybank said its operating profit before impairment losses was RM3.145bil compared with RM2.254bil a year ago.



Its allowances for impairment on loans, advances, financing and other debts jumped to RM667.94mil compared with RM70.53mil a year ago. There was a higher allowances for impairment losses on financial investments totalling RM129.15mil compared with RM1.99mil a year ago.



Maybank’s operating profit was up 7.6% to RM2.348bil from RM2.181bil.