Maybank's profits jumped 14% to RM6.55b

Here's what boosted this growth.

In a release, Maybank today reported that profit after tax and minority interest (PATAMI) for the financial year ended 31 December 2013 rose 14.0% to a new high of RM6.55 billion on the back of a solid performance from its businesses across Asia, higher loans growth as well as improved cost management initiatives.

Group profit before tax (PBT) for the year came in 12.3% higher at RM8.87 billion compared with the RM7.90 billion in 2012.

The results were boosted by a particularly robust fourth quarter which saw PATAMI surge 18.6% to RM1.73 billion, compared with the corresponding quarter a year earlier. Profit before tax for the quarter was 18% higher at RM2.30 billion.

The Group’s regionalisation focus continued to bear fruit, resulting in the PBT of its international operations rising 12.7% to RM2.69 billion this year. For the Malaysian operations, PBT was up at a healthy 12.1%.