KUALA LUMPUR Aug 21 Malayan Banking Bhd
(Maybank), Malaysia's biggest bank by assets, reported
on Wednesday a 9 percent rise in quarterly net profit, helped by
higher interest income and the sale of financial assets.
Net profit totalled 1.57 billion ringgit ($477.8 million) in
its April-June second quarter, up from 1.44 billion ringgit a
year earlier, Maybank said in a statement.
The result compared with analysts' average estimate of 1.517
billion ringgit, according to Thomson Reuters data.
Maybank, led by new CEO Abdul Farid Alias, is looking to
ramp up its Southeast Asian expansion as it aims to boost
overseas profits to 40 percent of the total in 2015 from about
30 percent now.
Analysts and bankers have said they expect Maybank to bid
for a $1.2 billion stake in Bangkok-based TMB Bank Pcl
that Dutch financial services company ING Groep NV
wants to sell.
But Abdul Farid, who took the helm this month, now faces a
region where an end to cheap money and improving outlooks in
Western economies have triggered capital flight from Indonesia
and India. Market jitters over an expected reduction in U.S.
monetary stimulus battered the region's currency and stock
markets on Tuesday.
Shares of Maybank have risen about 8 percent in the year to
date, outperforming a 3 percent gain in the main stock index
CIMB Group Holdings Bhd, Malaysia's No. 2 bank, is
scheduled to report earnings on Aug. 26.
For the Maybank's statement, see:
($1 = 3.2860 Malaysian ringgit)
(Reporting By Yantoultra Ngui and Niluksi Koswanage; Editing by