Maybank profit up 6.3% to RM1.6bil

Maybank is reaping the benefits of its cost management initiatives that contributed to better margins.

PETALING JAYA: Malayan Banking Bhd (Maybank) said net profit grew 6.3% to RM1.6bil in the first quarter ended March 31, boosted by its fast-expanding Islamic banking business and improved performance by units overseas.

The country’s biggest banking group is also reaping the benefits of its cost management initiatives that contributed to better margins.