Maybank reports 20% higher earnings

MANILA, Philippines - Malayan Banking Berhad (Maybank) has reported a first semester net income growth of 20 percent to ringgit (RM) 2.58 billion. Its financial year starts in July of each year. Group profit before tax also rose 20.1 percent to RM3.56 billion. The results were achieved from robust double-digit revenue growth across all business pillars on the back of sustained loans growth and fee based activities, as well as a marked decline in allowance for losses on loans. Gross loans continued to grow at a solid pace, rising 16.2 percent on an annualized basis. This was fuelled by a 28.7 percent rise in overseas loans and a 10-percent growth in domestic loans. Singapore and Indonesia operations showed especially strong growth with loans rising 23.7 percent and 31.2 percent, respectively, while other international operations saw an even higher 48.6-percent rise. Islamic financing meanwhile surged 21 percent. Maybank Philippines Inc. (Maybank Philippines) posted a record profit before tax of P386 million, more than triple the P119.1 million in the previous corresponding period. Total income expanded at a robust pace of 39 percent to hit a new record of P1.2 billion. Net interest income expanded at a hefty 46 percent to P933.3 million and made up three-fourths of total income. Non-interest income grew 20 percent to P307.5 million. Loans rose 57 percent from a year ago to breach the P23-billion mark, with almost all segments growing at a double-digit pace.