Malaysia's Maybank net profit up 12.29 pct amid higher revenue in Q3

22 Nov 2023 11:00pm
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KUALA LUMPUR - Malaysia's largest bank Malayan Banking Berhad (Maybank) has reported higher net profit in the third quarter that ended on Sept. 30 amid higher revenue.

Maybank said in a bourse filing on Wednesday that its net profit for the quarter rose 12.29 percent to 2.36 billion ringgit (504 million U.S. dollars) from 2.1 billion ringgit a year ago.

The group's revenue for the quarter also increased by 22.95 percent to 16.01 billion ringgit from 13.02 billion ringgit a year earlier.

Maybank said in a statement that the better results were attributed to steady income growth and significant improvement in net impairment provisions.

"Global challenges remain but Maybank will continue to pursue opportunities for growth guided by its corporate strategy across all its customer and business segments within its Asean operations, while maintaining its strong liquidity position, improving asset quality, and preserving sound capital levels," its president and chief executive officer Khairussaleh Ramli says. (1 ringgit equals 0.21 U.S. dollar) - XINHUA

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