Maybank first quarter net profit up 16.6%

Maybank recorded a profit after tax and minority interest of US$328 million for the quarter ended September. It is up 16.6 per cent from the bank’s profit after tax of US$281 million in the same period last year.

The bank also recorded a Group pre-tax profit of US$446 million for the first quarter ended September 2010. It is up 21.5 per cent compared to US$369.9 million in the corresponding period ended September 2009.

Commencing this quarter, the Group has adopted the FRS 139 guidelines which places Maybank fully in line with international financial accounting standards and consistent with its aspiration and standing as a regional financial services leader. The strong results recorded for the quarter reflect the fundamental strength and sound financial management which have been a hallmark of Maybank.

Overall, the Group’s improved results were achieved on the back of higher profit across the key business pillars of Community Financial Services and Global Wholesale Banking’s business segments of Corporate Banking and Global Markets, as well as significantly lower allowance for losses on loans. Maybank’s Indonesian operations led in loans growth with a robust 30 per cent annualised increase followed by Community Financial Services at 10 per cent and Singapore Operations at 5 per cent.

The Group’s Islamic Banking business also recorded strong financing growth of 25.8 per cent, which resulted in profit before tax more than doubling for the quarter. Maybank Islamic remains the largest Islamic bank by assets in the Asia Pacific region.