Maybank’s Q2 profit more than doubles to RM1.96 bil

[superadmin]

KUALA LUMPUR – Malayan Banking Bhd (Maybank) posted a net profit of RM1.96 billion for the second quarter ended June 30, 2021, more than double the RM941.73 million recorded in the same period last year.

In a statement today, Southeast Asia’s fourth-largest bank by assets said its earnings improved as loans continued to grow, net interest margin expanded from a more cost-effective funding mix, and impairments came in lower from a year earlier.

However, revenue declined to RM11.34 billion versus RM11.79 billion previously.

The group recorded a steady growth in net operating income to RM6.17 billion for the quarter, up 9.3% on-year, while its net impairment losses fell to RM567.2 million from RM1.74 billion in the same period last year.

For the cumulative six-month period ended June 30, 2021, the group saw its net profit surging to RM4.35 billion from RM2.99 billion previously, while revenue slipped to RM23.56 billion from RM25.03 billion.


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