February 27, 2014 / 5:05 AM / 4 years ago

Malaysia's Maybank Q4 net profit jumps 18.5 pct

KUALA LUMPUR, Feb 27 (Reuters) - Malayan Banking Bhd (Maybank), Malaysia’s biggest bank, said net profit for the latest quarter jumped 18.5 percent due in part to growth in income from loans and in Islamic banking, which helped push annual earnings to a record.

Net profit came to 1.73 billion Malaysian ringgit in the October-December quarter, up from 1.46 billion ringgit a year earlier, and ahead of an average estimate of 1.69 billion ringgit from two analysts polled by Thomson Reuters I/B/E/S.

For the full year, net profit climbed 15.8 percent to 6.6 billion ringgit.

Maybank, led by new chief Abdul Farid Alias, is looking to ramp up expansion in Southeast Asia, seeking to boost overseas profits to 40 percent of overall income in 2015 from about 30 percent now.

Rival CIMB Group Holdings Bhd, Malaysia’s second-largest bank, on Tuesday reported a fifth straight year of record profits and was upbeat about the year ahead on the back of booming economic growth in Southeast Asia. (Reporting by Yantoultra Ngui; Additional Reporting by Tripti Kalro in Bangalore; Editing by Edwina Gibbs)

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