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Maybank Q3 profit doubles
KUALA LUMPUR – MALAYSIA’S top lender Malayan Banking Bhd (Maybank) is on course to post its best ever full-year net profit due to a strong economic rebound, after reporting strong third-quarter performance as interest costs fell.
Maybank is seen as the best proxy to the strong economic recovery in Malaysia, given its diversified exposure to both business and consumer loans. It also has operations in Singapore and Indonesia, whose economies are also rebounding.
Malaysia’s economy grew 10.1 per cent in the first quarter of this year, according to government data on Thursday. The central bank said last month it may raise its 2010 economic growth forecast from as much as 5.5 per cent as exports and industrial production strengthen.
Maybank posted a January-March net profit of 1.03 billion ringgit (S$442.4 million), its best-ever quarterly performance. It made a net profit of 503 million ringgit in the year-ago quarter.
Analysts generally do not provide quarterly earnings forecasts for Malaysian companies, but Macquarie put its estimate for Maybank’s third-quarter net profit at 955.3 million ringgit.
Shares of Maybank, with a market value of $16 billion, are up 11 per cent so far this year, outperforming the 5.6 per cent gain in the broader market index KLSE but lagging top dealmaker CIMB’s 12.5 per cent increase. — REUTERS
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