Malaysia's Maybank posts 18% rise in Q2 profit

Malaysia's Maybank posts 18% rise in Q2 profit

KUALA LUMPUR: Malayan Banking (Maybank), Malaysia's largest lender by assets, posted an 18 per cent jump in second-quarter profit on Thursday (Aug 30) as reductions in expenses and loan provisioning boosted performance.

Its net profit for the April-June period was RM1.96 billion (US$477 million), versus RM1.66 billion a year ago. This was in line with an average estimate of RM1.9 billion from two analysts polled by Reuters.

Revenue rose 5 per cent to RM11.51 billion.

Allowances for impairment losses on loans and other debt fell to RM582.1 million in the second quarter from RM830.3 million in the June quarter of last year.

Maybank expects its financial performance for 2018 to be "satisfactory," it said in a statement, adding that it is targeting return on equity of about 11 per cent for the year.

Source: Reuters/aj