Maybank posts RM2.24b pre-tax profit in Q1
Published on: Friday, May 29, 2015
Kuala Lumpur: Maybank Group's pre-tax profit rose to RM2.24 billion for the first quarter ended March 31, 2015 compared with RM2.21 billion chalked up in the same quarter last year.Revenue increased to RM9.18 billion, during the period under review, from RM8.35 billion recorded in the corresponding quarter.A healthy rise in fee income coupled with robust loans growth boosted performance across all the business pillars, it said in a statement Thursday.ADVERTISEMENT The rise in fee income was driven by increases in commissions, service charges and fees, as well as, higher net earned insurance premiums while net fund-based income was lifted by higher conventional and Islamic loans growth.Loans for the quarter expanded 14.3 per cent, year-on-year, led by the international sector which grew 19.4 per cent, said the bank. In the three home markets of Malaysia, Singapore and Indonesia, loans rose 10.2 per cent, 11.6 per cent and 7.1 per cent, respectively. Islamic financing, meanwhile, surged 29.5 per cent, year-on-year, it said.ADVERTISEMENT Group President and Chief Executive Officer Datuk Abdul Farid Alias said growth achieved was a result of rigorous efforts to increase fee income, as well as, building the banking group's financing portfolios responsibly."These were complemented by improved liquidity, proactive capital management and tightly managed expenses, he was quoted as saying in the statement.
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However, Abdul Farid expected the rest of the year to remain challenging and the bank was closely monitoring regional developments, particularly the level of business activity post implementation of the Goods and Services Tax in Malaysia. "We, however, remain optimistic that our Asean home ground will continue to present us with sustained business opportunities," he said.Among others, Maybank Kim Eng recorded a robust quarter with a 53.7 per cent, year-on-year, rise in pre-tax profit to RM55.5 million while the group's Islamic banking business registered a 15.4 per cent rise in total income to RM932.7 million during the quarter.Stay up-to-date by following Daily Express’s Telegram channel.
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Etiqa Insurance and Takaful continued to record a steady increase in gross premiums which rose 7.3 per cent, year-on-year, aided by a 9.5 per cent increase in total general insurance/takaful premium and a 4.1 per cent rise in total life insurance/family takaful premium. Pre-tax profit, however, declined to RM49.89 million from RM141.22 million a year earlier owing to, among others, lower equity investment gains. – Bernama