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Maybank delivers strong Q3, net profit rises to RM2bil

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Maybank delivers strong Q3, net profit rises to RM2bil Others

Malayan Banking Bhd, the fourth largest bank in Southeast Asia by assets, posted a strong showing in the third quarter of this year, with net profit rising 2.1 per cent year-on-year to RM2.0 billion from RM1.96 billion previously.
This was lifted by a 14.1 per cent rise in net operating income on the back of a robust 38.6 per cent increase in net fee-based income and a six per cent higher net fund-based income.
Group revenue for the quarter rose to RM13.83 billion from RM12.06 billion previously, Maybank said in a statement today.
For the nine months ended September 30 2019, Maybank said its net profit slipped 0.5 per cent to RM5.75 billion from RM5.77 billion previously.
Group revenue, however, rose to RM39.86 billion from RM35.09 billion a year earlier.
Commenting on the results, Maybank chairman Datuk Mohaiyani Shamsudin said the operating environment continued to be unpredictable.
“We remain cautious given the prolonged geo-political uncertainties. Nevertheless, we are encouraged by our steady results and will focus on realising opportunities across the region especially in Asean and Greater China,” she said in the statement.
Group president and chief executive officer Datuk Abdul Farid Alias said Maybank’s focus on pricing discipline, strong capital and liquidity positions as well as sound risk management and operational efficiency would remain key priorities in the coming months.
“This year has proven to be relatively challenging for some of our clients due to the slower growth in global trade. We are therefore proactively working with them to restructure their facilities. In the meantime, we will continue to be vigilant in managing our assets quality while growing our portfolio,” he added.

(Source: New Straits Times)

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