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Malaysia Maybank's Q2 net profit rises 9 pct
August 21, 2013 / 5:02 AM / in 4 years

Malaysia Maybank's Q2 net profit rises 9 pct

KUALA LUMPUR, Aug 21 (Reuters) - 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:

here ($1 = 3.2860 Malaysian ringgit) (Reporting By Yantoultra Ngui and Niluksi Koswanage; Editing by Chris Gallagher)

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