Business

Published: Thursday February 23, 2012 MYT 2:12:00 PM
Updated: Thursday February 23, 2012 MYT 2:19:34 PM

Maybank posts higher pre-tax profit in first six months


KUALA LUMPUR: Malayan Banking Bhd has posted RM3.563 billion in higher pre-tax profit in the first six months ended Dec 31, 2011 against RM2.966 billion in the same period in 2010.

Revenue rose to RM12.884 billion from RM10.190 billion.

For the three-month period, the largest lender's pre-tax profit stood at RM1.803 billion, up from RM1.562 billion.

Turnover increased to RM6.180 billion from RM5.188 billion.

The country's largest commercial bank had on July 11, 2011 announced the change of financial year to Dec 31 from June 30.

The first new financial year will be on Dec 31, 2011 with a shorter six-month period from July 1, 2011 to Dec 31, 2011. - BERNAMA

Reuters reported Malaysia's biggest lender Maybank reported a 15 percent rise in second-quarter net profit and gave an upbeat outlook, driven by strong business growth in its Southeast Asian subsidiaries.

Malaysian banks have reported robust earnings in recent quarters, riding on growth back home and in Singapore and Indonesia, although a possible euro zone recession may slow global growth and earnings for the lenders.

"Notwithstanding the global challenges, the group expects to maintain a satisfactory performance for the next financial year ending 31 Dec, 2012 in view of expected growth in key markets that the group operates," Maybank said in a statement on Thursday.

Maybank said it was targeting growing loans and debt securities by 15.6 percent in the financial year ending Dec 2012.

The lender has changed its financial year-end to Dec. 31 from June 30 previously and the first new financial year ended on Dec 31 with a shorter six-month period.

Its second-quarter net profit rose to 1.3 billion ringgit ($429 million) from 1.125 billion ringgit in the same quarter of the previous year.

Analysts generally do not provide detailed quarterly estimates of Malaysian companies.

Out of the 24 analysts tracking the stock, 13 have either a Buy or Strong Buy ratings, eight have Holds and three have Underperforms or Sells.

Maybank's shares were steady at 8.70 ringgit prior to the earnings announcement, versus a flat broader market. ($1 = 3.0260 Malaysian ringgit)

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