© Reuters.
KUALA LUMPUR – Malayan Banking Bhd (Maybank), Malaysia’s largest bank by assets, announced a significant 12% year-over-year increase in its third-quarter profits, reaching 2.36 billion ringgit ($507.2 million). The bank attributed this robust performance to a substantial decrease in loan impairment losses and the reversal of previous impairments, which helped counterbalance a fall in net interest income.
In its third consecutive quarter, Maybank experienced an 8.5% reduction in net interest income, which amounted to 3.17 billion ringgit. Despite this decline, the bank managed to enhance its profitability through reduced loan impairments and writebacks on financial instruments. Meanwhile, revenues from Islamic banking operations decreased by 6%, totaling 1.88 billion ringgit.
Maybank is strategically focusing on growth within consumer and business sectors across Southeast Asia, aiming to achieve an annual return on equity between 10.5% and 11%. This expansion drive comes as the bank navigates through the ongoing global economic challenges that are impacting financial institutions worldwide.
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