Malaysia Maybank’s Q2 net beats expectations on loans growth

Malaysia’s largest lender, Malayan Banking Bhd (Maybank), beat expectations with a 25 percent rise in second-quarter net profit, driven by growing loans and wealth management services.

Southeast Asia’s growing economies have helped Malaysian banks to post robust earnings in recent quarters, but slowing global growth from sliding euro zone economies remains a risk.

Maybank posted on Thursday a net profit of 1.44 billion ringgit ($460.87 million) in the quarter ended June 30 compared with 1.15 billion ringgit in the same quarter a year ago.

That beat the 1.14 billion ringgit profit estimate of analysts tracked by Thomson Reuters I/B/E/S.

Revenue for the quarter climbed 20.2 percent to 6.88 billion ringgit from a year earlier, Maybank said in a statement.

CIMB Group Holdings Bhd, the country’s second largest lender, reported on Wednesday a 14.4 percent increase in second-quarter net profit, also beating market expectations.

Maybank shares were down 0.34 percent by the midday break, prior to the announcement, in line with the benchmark stock index’s 0.26 percent drop.

http://in.reuters.com/article/2012/08/16/malaysia-maybank-earnings-idINL4E8JE2XM20120816

 

Category: Malaysia