The Maybank Group has recorded
a profit after tax of RM1.94 billion for the nine
months period ended March 2005, an 8.9% increase from the
RM1.78 billion registered in the previous corresponding period
ended March 2004.
Profit before tax for the period rose 6.2% to
RM2.69 billion from RM2.53 billion in the previous corresponding
period.
For the quarter January-March 2005, the Group
recorded a marginal increase in net profit to RM686.7 million
from RM683.9 million in the January-March 2004 quarter.
Maybank President and CEO Datuk Amirsham A Aziz
said that the results for the period was aided mainly by an improvement
in overall fund-based income, with significant growth seen in
Islamic banking operations which registered a 39.4% increase compared
to the nine months ending March 2004. Non-interest income for
the nine months grew 22.3% to RM1.67 billion compared to RM1.36
billion previously. However for the January-March 2005 quarter,
non-interest income declined compared to the previous corresponding
quarter of January-March 04, during which there was significant
write-backs in the provisions for diminution in value of investments
held at that time.
Loans growth for the Group in the nine months
period (after adjusting for NPLs written off and the impact of
higher Singapore Dollar exchange rate) accelerated to an annualized
rate of 8%, with strong growth seen in the consumer and SMI segments.
In addition, domestic loans to large enterprises recorded a turn
around with an annualized growth rate of 3.1%.
In the retail sector, mortgages grew at an annualized
rate of 10.8%, domestic automobile financing rose 16% while card
receivables were up 11.2%. Loans to SMIs also continued to expand
strongly by 13% while domestic trade finance grew 24.8%.
The Group's asset quality remained relatively
stable during the quarter under review with the net non-performing
loan (NPL) ratio at 5.88% at end March 2005.
Provisioning for the nine months period, however,
recorded an increase to RM513.5 million compared to RMRM349.2
million in the previous corresponding period mainly due to lower
recoveries. There was also a write-off of RM55.3 million in respect
of security value of NPLs aged more than 9 years and above.
The Group's total asset base continued to grow
in the nine months period, reaching RM187.3 billion from RM179.5
billion in June 2004. Deposits from customers also expanded to
RM126.2 billion from RM123.4 billion while shareholders' equity
rose to RM15.8 billion from RM14.6 billion in June 2004.
The overall performance of the Group subsidiaries
was mixed during the nine months period to March 2005.
Overall, the Group's overseas operations, including
Singapore, recorded higher operating profits. In addition, the
Labuan offshore banking unit saw its profit surge by over 35%.
The investment banking group, however, recorded
a decline in results due to lower profits recorded by both Aseambankers
and Mayban Securities. This was partly offset by Mayban Discount
which reported a higher profit.
In the insurance business sector, the general
insurance business registered an increase in pre-tax profit while
the life and takaful sectors saw a decline due to lower investment
income. The asset management group recorded a marginal increase
in profit aided by a gain in disposal of investments by Mayban
Venture Capital.
