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With soaring profits banks must waive interest during moratorium, says Guan Eng

PETALING JAYA: Banks, which are reaping high profits of late, should share their good fortune with their customers by waiving interest payments during the loan moratorium period, DAP secretary-general Lim Guan Eng said today.

He said taking interest and making profits from distressed borrowers who are going under is not the “Malaysian Family” way as advocated by Prime Minister Ismail Sabri Yaakob.

The former finance minister said the banking industry recorded after tax profits of RM32.3 billion in 2019 and more than RM23 billion in 2020 despite the economic recession, adding that profits rose again in the first half of this year.

“The industry is expected to significantly improve on their profitability this year compared with 2019. This can be seen with Maybank’s net profit for the second quarter this year more than double to RM1.96 billion from RM941.73 million over the same period last year.

“Maybank also recorded RM2.39 billion net profits in the first quarter of 2021 compared with RM2.05 billion last year,” he said in a statement today.

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