Maybank turns in 2 per cent higher earnings for FY15

Kuala Lumpur

MALAYAN Banking Bhd (Maybank) has eked out a 2 per cent increase in net profit to RM6.84 billion (S$2.27 billion) for the year ended December, despite setting aside RM2 billion in net impairment losses amid weakening economic conditions that led to a deterioration in corporate and business loans.

The impairment losses, up from RM471 million for FY14, reduced Maybank's operating profit by 0.1 per cent to RM8.94 billion from RM8.949 billion previously.

Group president and chief executive Abdul Farid Alias, noting that retail loans were less affected, said: "If individual accounts show signs of dist…