Group president and CEO Datuk Abdul Farid Alias said the banking group's aim going forward would be to accelerate its growth momentum and boost revenue drivers.
KUALA LUMPUR: Malayan Banking Bhd
(Maybank) posted a record set of results in the first quarter ended March 31, 2018, underpinned by higher fund and fee based income as well as a continued decline in impairments.
Asean's fourth largest bank by assets announced on Monday its net profit rose by 9.9% to RM1.87bil from the RM1.70bil a year ago. Profit before tax (PBT) rose by 13.7% to RM2.56bil from RM2.25bil.
Maybank said its net operating income rose by 5.4% to RM5.83bil. This was on the back of a strong 12.6% increase in net fee based income to RM1.59bil from RM1.41bil, and a 2.9% rise in net fund based income to RM4.24bil from RM4.12bil a year earlier.
“Sustained efforts in cost management meanwhile, resulted in the group’s cost-to-income ratio improving further to 47.6% from 50.1% a year earlier, as income growth outpaced overheads growth for the quarter.
“The higher revenue coupled with marginally lower costs helped lift the group’s pre-provisioning operating profit (PPOP) by 10.8% to RM3.05bil compared to 1QFY17,” it said.
Earnings per share were 17.26 sen compared with 16.73 sen a year ago.
Maybank chairman Datuk Mohaiyani Shamsudin said the encouraging first quarter performance despite global geopolitical uncertainties, continues to validate the strategy the banking group has adopted including its discipline in pricing as well as focused execution of our business plans.
“While there remain some uncertainties in the operating environment, we are also encouraged by the positive outlook in the region, especially our home markets.
“In particular, we await policies which are expected to be outlined by the new government in Malaysia which we hope will further drive private sector investments and enhance consumer confidence,” said Mohaiyani
Group president and CEO Datuk Abdul Farid Alias said the banking group's aim going forward would be to accelerate its growth momentum and boost revenue drivers, while ensuring that the group maintains its strong liquidity and capital positions to manage potential risks that could arise from any changes in the operating environment.
“At the same time, we will continue to manage costs, asset quality and pricing diligently, as well as drive our digital agenda to ensure that we are able to create value from the technological advancements in the market today,” he said.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
