Malaysia's Maybank Q2 profit up 0.5 pct on yr
KUALA LUMPUR Aug 28 (Reuters) - Malayan Banking Bhd (Maybank), Malaysia's largest bank by assets, said its second-quarter net profit rose 0.5 percent, helped by a pick-up in loans and deposits and a rising market share in its consumer and Islamic banking operations.
Net profit for the three months to end-June stood at 1.58 billion malaysian ringgit ($502 million) compared to 1.57 billion ringgit a year ago. Revenue improved by 2 percent to 8.76 billion ringgit. Most analysts covering Maybank do not release quarterly forecasts.
"While we remain cautious of the regional operating environment in the second half, we see opportunities for sustained loan growth especially in the consumer, small-medium-enterprise, and corporate segments across our network," said Maybank CEO and president Abdul Farid Alias.
"Together with an expected pickup in fee based income, as well as continued cost management efforts and initiatives to raise the bar in every area of operations, we are confident that long term growth prospect will be sustained."
Maybank has notched up more than four years of year-on-year quarterly growth, and last year posted record earnings for a second year in a row.
Like other Southeast Asian rivals, it has benefited from booming property markets and double-digit loan growth in rapidly expanding economies like Indonesia, Singapore and Thailand.
(1 US dollar = 3.1460 Malaysian ringgit) (Reporting by Anuradha Raghu and Yantoultra Ngui; Additional Reporting by Shilpa Murthy in BANGALORE; Editing by Edwina Gibbs)