Maybank's Q3 PBT rises to RM2.35b

MAYBANK

Malayan Banking Bhd's (Maybank) pre-tax profit for the third quarter ended September 30, 2013 rose to RM2.35 billion from
RM2.026 billion in the same quarter last year.

Revenue rose to RM8.39 billion from RM8.01 billion, Malaysia's largest bank by assets said in a filing to Bursa Malaysia here today.

For the nine-month period, it recorded a pre-tax profit of RM6.57 billion on the back of revenue of RM25.30 billion.

Maybank said earnings were boosted by a surge in net fee-based income which rose 13.8 per cent year-on-year while net fund-based income grew 7.6 per cent.

"Overall, net income increased 9.9 per cent year-on-year and consequently, cost-to-income ratio improved further to 46.6 per cent in the quarter under review compared with 51.2 per cent in the third quarter last year," it said.

It said fee income growth was led by a tripling in net income from insurance business as well as healthy gains in foreign exchange profit, investment and trading portfolios and commissions, service charges and fees.

Growth in fund-based income, meanwhile, came mainly from global markets, corporate banking and community financial services, it said.

Maybank said group loans rose at an annualised rate of 9.3 per cent, up from 9.1 per cent in the first six months this year, on the back of a 10 per cent annualised rise in loans at Maybank's international operations led by Indonesia.

President/chief executive officer, Datuk Abdul Farid Alias, said Maybank's results for this period demonstrated its continued ability to deliver growth amidst difficult operating conditions.

He said the bank would remain agile in tapping into the opportunity in the different markets it served.

"At the same time, our focus will be on finalising our strategy to take Maybank Group to the next level and beyond 2015," he said.