Maybank Q2 profit surges on better income, margins, lower impairments

Looking good: (From left) Abdul Farid, Maybank chairman Datuk Mohaiyani Shamsuddin and Maybank Group CFO Datuk Amirul Faisal Wan Zahir at the annoucement of the banking group’s latest financial results.

KUALA LUMPUR: Malayan Banking Bhd (Maybank) recorded a big surge in its bottom line for the second quarter ended June 30 despite the challenging business environment, both on the global and domestic fronts.

The banking group’s net profit in the quarter jumped by nearly 43% year-on-year (y-o-y) to RM1.66bil from RM1.16bil a year earlier, primarily attributed to Maybank’s higher net operating income, better net interest margin (NIM) and a significant decline in net impairment losses.