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KUALA LUMPUR: Malaysia's top lender Maybank said on Tuesday its fiscal second-quarter net profit rose 35 percent from a year earlier, helped by higher loans growth and non-interest income as the economy improves.
Maybank said for the quarter ended December 31, net profit was 993.5 million ringgit (292 million dollars) compared with 734.6 million a year earlier.
Abdul Wahid Omar, Maybank president and chief executive officer, said the robust performance was achieved on the back of improved results across most business sectors reflecting "the broad based capabilities within the group".
Maybank said it expects its financial performance in the fiscal year ending June 30 to "improve significantly" given the economic environment and absence of impairment losses.
Amid signs of recovery in Southeast Asia's third-largest economy, Malaysia is thought to have emerged from recession in the fourth quarter and is expected to post 3.7 percent growth in 2010, according to a leading think-tank.
Maybank said second quarter net interest income was up 8.8 percent at 1.68 billion ringgit from a year earlier while non interest income rose 46 percent to 1.22 billion.
Annualised loans growth was 9.9 percent while net interest margin, a measure of profitability, was 2.77 percent against 2.87 percent a year earlier.
For the first half, net profit rose 44 percent to 1.88 billion ringgit from a year earlier. - AFP/de
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