The results were boosted by strong loans growth, increased revenues across almost all business segments of the Group and significantly lower allowance for losses on loans which declined by almost half.
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Overall loans growth stood at 17.1% which was led by the Indonesian operations (+26.5%), Singapore Operations (+19.3%), other international operations (+22.5%) and the Malaysian operations (+13.8%). Within Malaysia, Maybank Islamic led in financing
growth with an annualised increase of 31.9% followed by Global Wholesale Banking (+17.7%) and Community Financial Services (+12%).
The improved performance for the nine months can be attributed to:
– A 7.6% increase in net interest income to RM5.36 billion despite a narrowing of the net interest margin to 2.63% as at March 2011 compared with 2.77% in March 2010.
– Higher non-interest income (including income from Islamic and Insurance businesses) which rose 3.0%, led by higher fee income from Islamic operations (+109.7%), investment & trading income (+65.8%), commissions, service charges and fees (+7.3%) and foreign exchange income from customers (+12.7%).
Maybank Group Quarterly Results Q-on-Q and Y-o-Y
Compared to the second quarter of FY11 ended 31 December 2010, the third quarter ended 31 March 2011 saw profit before tax rising to RM1.58 billion from RM1.56 billion previously. PATAMI for the third quarter was higher at RM1.14 billion compared with RM1.13 billion in the preceding quarter.
Compared to the third quarter ended 31 March 2010, profit before tax and PATAMI for the third quarter ended 31 March 2011 were 8.3% and 10.9% higher respectively.
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By GlobalDataComments by Maybank Chairman, Tan Sri Megat Zaharuddin Megat Mohd Nor "I am pleased our focus in building regional capabilities whilst maintaining domestic leadership has led to continued strong profit growth. Our regional talent pool are ramping up efforts to leverage our presence across the region, especially in our wholesale banking, embedding our approach of humanising financial services.
It is gratifying to our people that wide recognition has been given for our efforts, such as the Euromoney Award for Best Private Banking Services Overall in Malaysia, the Asian Banker Award for Best Retail Bank in Malaysia and the Malaysian Institute of Directors’ Award for Innovative Leadership in Globalisation.
We will also enhance our stakeholder value creation through efforts in Corporate Responsibility. In this regard, I would expect the Maybank Foundation’s thrusts regionwide will have greater impact in our respective communities".
Comments by Maybank President & CEO, Dato’ Sri Abdul Wahid Omar
"The sustained performance is a reaffirmation that we are on the right path to achieve our vision of becoming a regional financial services leader by 2015. The all-round revenue improvement in our various business segments is encouraging while the strong deposit growth is helping sustain diversity in our loan book. We are assured that our strategy in focusing on Islamic banking is bearing fruit given the accelerated growth and sterling results achieved in this segment. With the new Islamic banking subsidiary we have launched in Indonesia, we are optimistic that Maybank can grow its Islamic banking franchise to become a leading Islamic bank in ASEAN.
