Maybank lowers loan growth outlook for Malaysian ops

KUALA LUMPUR: Malayan Banking Bhd (Maybank) has revised its loan growth forecast for this year to 6%-7% from 8-9% for its Malaysian operations on the back of the recent challenging global macroeconomic environment.

Maybank group president and chief executive Datuk Abdul Farid Alias said the bank has also revised down its total loan growth to 8%-9% from 9%-10%.

For the first half of this year, Maybank recorded a loan growth of 4.2% from its Malaysia operation, which is lower than 7.2% industry average.

"Our consumer side has been robust, but we seen slower global banking growth in the first half," Farid told reporters after Maybank first results announcement on Thursday.

He added the bank has also revised its return of equity to 12%-13% for this year from 13%-14%.

"We expect the business environment to remain uncertain for rest of the year," he said.