Maybank ups Q4 profit by 16% on higher loans, fee income

Maybank reported a 16 percent rise in quarterly profit, bolstered by higher net loans, advances and fee income.

Net profit in its October-December fourth quarter was RM1.46 billion, up from RM1.26 billion a year earlier, the bank announced.  

The result was slightly lower than the average estimate of a RM1.51 billion profit.

Quarterly revenue rose 4.3 per cent year-on-year. 

“Barring any unforeseen circumstances, the group expects its financial performance for the financial year ending Dec. 31, 2013, to be better than the previous financial year,” Maybank said.

Growing economies in Southeast Asia have helped Malaysian banks to expand in recent quarters, cushioning them from slowing global growth.

Maybank recently injected US$100 million (RM309.8 million) into its Philippine unit to expand its network in that country. Last year, second-ranked CIMB Group Holdings Bhd bought some of the Asian operations of Royal Bank of Scotland Plc and the unlisted banking arm of the Philippines’ San Miguel Corp.

For 2012, Maybank’s net profit rose 18 per cent to RM5.74 billion, as revenue climbed 16 percent. 

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